Tuesday, December 07, 2004

Colgate-Palmolive Plans to Cut 4,400 Jobs

is reporting that Colgate-Palmolive Co. plans to cut its worldwide work force by about 4,400 jobs and close one-third of its factories as part of a plan aimed at boosting its sales and profits.

What the story does not mention (and Colgate-Palmolive Co. doesn't point it out) is that CEO Reuben Mark's annual salary, including stock gains, is $148 million. I'll type that again, so you don't think it's just a typo: $148 million every year.

So, in the spirit of helpful hints for which we at Toner Mishap are becoming known, here's one to help Colgate-Palmolive boost its profits: pay your CEO less and stop firing people.

1 comment:

The Misanthrope said...

By accepting $48 million less, Reuben Mark could most likely save a thousand jobs that pay approxiately $48,000 a year, which is above median income for most people in the country.

Colgate-Palmotlive should be embarrassed for allowing such an outrageous salary. Maybe a boycott is in order. The Misanthrope for one will stop purchasing their products.