Institute for Policy Studies
|Ivan Seidenberg – Verizon
A grim fact of the recession is that it pays to lay people off.
The CEOs who laid off the most employees during the recession are also the CEOs who took home the biggest pay checks, according to a study released last week.
(PDF) also found that 36 of the 50 layoff leaders “announced their mass layoffs at a time of positive earnings reports,” suggesting a trend of “squeezing workers to boost profits and maintain high CEO pay
The 10 “highest-paid CEO layoff leaders” ranked in the report include the CEO of Hewlett-Packard, Mark Hurd, who earned $24.2 million in 2009 as the company laid off 6,400 workers and Walmart CEO Michael Duke, who earned $19.2 million as the company laid off 13,350 workers. No Wall Street banks were included in this list, but three banks — Citigroup, Bank Of America and JP Morgan — showed up on the study’s list of the 50 firms that laid off the most employees.