November 4, 2008
Carl Icahn: A “Throw Down” with Compensation Consultants
– Broc Romanek, CompensationStandards.com
In his “Icahn Report” Blog, Carl Icahn recently threw down the gauntlet and blamed compensation consultants for excessive CEO pay. Here is an excerpt from his blog:
A major reason executive pay packages are ballooning is because of the incestuous relationships between boards and CEOs who conspire to give lucrative pay-and-perk packages to each other. But it is also due to the egregious use of “compensation consultants” that soak up multi-million dollar fees to provide strategic counsel to boards and in addition advise ever higher pay packages to top managers they presume to oversee – whether they perform well or not.
We’re ready to see some responses from those toiling in the fields. I know Carl has missed the mark, how about you?