Tuesday, December 07, 2004
Colgate-Palmolive Plans to Cut 4,400 Jobs
Yahoo! 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.