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Thursday, July 31, 2008
Nooyi among business leaders Obama consults
Democratic presidential candidate Barack Obama has met with a bipartisan group of business and economic leaders, including India-born PepsiCo chief Indra Nooyi. He intends convening the group periodically in the run-up to the November election.
Obama called the meeting Monday to discuss the “deteriorating” economic situation in the US and went on to lay out his strategy for “short-term relief and long-term growth”. He also voiced his support for “a second round of economic stimulus”, CBS News reported. He said he would be convening the same group periodically over the next few months “because of the dynamic situation and one that the next president will need to be prepared to deal with the moment he takes office”.
The impressive list of those who attended, besides Nooyi, included Warren Buffett who participated by phone, JPMorgan Chase CEO Jamie Dimon, Google CEO Eric Schmidt, New Jersey Governor Jon Corzine, former SEC chairman under President Bush, William Donaldson; former treasury secretary under Bush, Paul O’Neill; former treasury secretary under President Clinton, Robert Reich and former Federal Reserve chairman Paul Volcker.
Incidentally, Indra Nooyi has also topped the list of the highest paid female chief executives, who have collectively defied the trend of falling CEO pay at the 500 largest US firms. Nooyi took home $12.7 million - including $4.5 million in bonus pay - in 2007 putting her at number 139 out of 500 company chiefs overall, Forbes magazine noted Monday. The 13 female chief executives in the US magazine’s list saw their pay jump an average 27 percent last year. In contrast, after clocking a juicy 38 percent collective pay hike in 2006, CEOs of the 500 companies saw their compensation dwindle an average 15 percent in 2007.
The gap in pay packet of male and the female CEOs does persist, however. The average take, including salary and bonuses, for all 500 CEOs was $12.8 million, double the female average of $6.5 million. Even Nooyi’s total compensation was just one-fourteenth that of the highestpaid man on the list of 500 top CEOs, Oracle’s Larry Ellison. He realised $182 million from the exercise of vested stock options in addition to the modest $1 million salary.
Obama called the meeting Monday to discuss the “deteriorating” economic situation in the US and went on to lay out his strategy for “short-term relief and long-term growth”. He also voiced his support for “a second round of economic stimulus”, CBS News reported. He said he would be convening the same group periodically over the next few months “because of the dynamic situation and one that the next president will need to be prepared to deal with the moment he takes office”.
The impressive list of those who attended, besides Nooyi, included Warren Buffett who participated by phone, JPMorgan Chase CEO Jamie Dimon, Google CEO Eric Schmidt, New Jersey Governor Jon Corzine, former SEC chairman under President Bush, William Donaldson; former treasury secretary under Bush, Paul O’Neill; former treasury secretary under President Clinton, Robert Reich and former Federal Reserve chairman Paul Volcker.
Incidentally, Indra Nooyi has also topped the list of the highest paid female chief executives, who have collectively defied the trend of falling CEO pay at the 500 largest US firms. Nooyi took home $12.7 million - including $4.5 million in bonus pay - in 2007 putting her at number 139 out of 500 company chiefs overall, Forbes magazine noted Monday. The 13 female chief executives in the US magazine’s list saw their pay jump an average 27 percent last year. In contrast, after clocking a juicy 38 percent collective pay hike in 2006, CEOs of the 500 companies saw their compensation dwindle an average 15 percent in 2007.
The gap in pay packet of male and the female CEOs does persist, however. The average take, including salary and bonuses, for all 500 CEOs was $12.8 million, double the female average of $6.5 million. Even Nooyi’s total compensation was just one-fourteenth that of the highestpaid man on the list of 500 top CEOs, Oracle’s Larry Ellison. He realised $182 million from the exercise of vested stock options in addition to the modest $1 million salary.
Labels: American Politics
# posted by gopi @ 7:22 AM 
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