Business Services Industry
One step forward, one backward on executive pay.(Opinion)
Crain's Chicago Business, March, 2006
Last week brought both a sign that restraint may be returning to executive pay and evidence that the impulse to overpay top execs remains strong. Krish Prabhu and Michael Birck, CEO and chairman, respectively, of Tellabs Inc., gave up lucrative employment contracts, essentially becoming at-will employees like everybody else at the Naperville company.
In doing so, Mr. Prabhu walked away from millions in severance payments in the event he leaves the company. The move shows the Tellabs executives understand something fundamental that's lost on many of their fellow corporate chiefs: They are hired employees who work for shareholders. They have no special right to oversized helpings of company cash. It's particularly admirable in the case of Mr. Birck, who can...
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