C.E.O.'s Salaries
Discussion
I do feel that a few posters are very very rich here, and have no idea what it is like to be at my level, they may have worked their way up, but when you see people saying things like I was so miserable my huge payoff did not compensate me.
I am sorry but you get zero sympathy you were recruited either because you were good enough or convinced them you were good enough (probably the latter usually I imagine), if you were not good enough should you get a payoff, in all honesty no, but that is how massive roles are created, advertised and filled, it has become the norm, it is wrong, but clearly is the ONLY way the best people get recruited, because the recruitment process there revolves around the people wanting it, not the role itself, surely that is wrong?
What is obvious is that despite that, the fit is very often STILL wrong.
I am sorry but you get zero sympathy you were recruited either because you were good enough or convinced them you were good enough (probably the latter usually I imagine), if you were not good enough should you get a payoff, in all honesty no, but that is how massive roles are created, advertised and filled, it has become the norm, it is wrong, but clearly is the ONLY way the best people get recruited, because the recruitment process there revolves around the people wanting it, not the role itself, surely that is wrong?
What is obvious is that despite that, the fit is very often STILL wrong.
blueg33 said:
Louis Balfour said:
I knew a chap who took the helm of a failing high street retailer. He came from a multi-national. Financial message boards were awash with "how did ****** get that gig?" and when he inevitably failed it was "he was way out of his depth, should never have been there etc". He looked haunted and jumpy during his tenure. Last seen on a plane to far-off lands where he now works in an industry better suited to him.
I know another chap who is CEO of a household name. Unusual appointment. I haven't seen him since he joined them, but will be surprised if he survives.
In a far more modest way, when I was working, I took some roles above my level of ability. I grew into some, not others. The money was never enough to compensate from being in the wrong job.
Same with any job really. I know another chap who is CEO of a household name. Unusual appointment. I haven't seen him since he joined them, but will be surprised if he survives.
In a far more modest way, when I was working, I took some roles above my level of ability. I grew into some, not others. The money was never enough to compensate from being in the wrong job.
Louis Balfour said:
blueg33 said:
Louis Balfour said:
I knew a chap who took the helm of a failing high street retailer. He came from a multi-national. Financial message boards were awash with "how did ****** get that gig?" and when he inevitably failed it was "he was way out of his depth, should never have been there etc". He looked haunted and jumpy during his tenure. Last seen on a plane to far-off lands where he now works in an industry better suited to him.
I know another chap who is CEO of a household name. Unusual appointment. I haven't seen him since he joined them, but will be surprised if he survives.
In a far more modest way, when I was working, I took some roles above my level of ability. I grew into some, not others. The money was never enough to compensate from being in the wrong job.
Same with any job really. I know another chap who is CEO of a household name. Unusual appointment. I haven't seen him since he joined them, but will be surprised if he survives.
In a far more modest way, when I was working, I took some roles above my level of ability. I grew into some, not others. The money was never enough to compensate from being in the wrong job.
LukeBrown66 said:
I do feel that a few posters are very very rich here, and have no idea what it is like to be at my level, they may have worked their way up, but when you see people saying things like I was so miserable my huge payoff did not compensate me.
I am sorry but you get zero sympathy you were recruited either because you were good enough or convinced them you were good enough (probably the latter usually I imagine), if you were not good enough should you get a payoff, in all honesty no, but that is how massive roles are created, advertised and filled, it has become the norm, it is wrong, but clearly is the ONLY way the best people get recruited, because the recruitment process there revolves around the people wanting it, not the role itself, surely that is wrong?
What is obvious is that despite that, the fit is very often STILL wrong.
I am not very rich, but hold a senior enough position that I get considered for CEO roles in medium size businesses in my sector. Eg housing associations. I am sorry but you get zero sympathy you were recruited either because you were good enough or convinced them you were good enough (probably the latter usually I imagine), if you were not good enough should you get a payoff, in all honesty no, but that is how massive roles are created, advertised and filled, it has become the norm, it is wrong, but clearly is the ONLY way the best people get recruited, because the recruitment process there revolves around the people wanting it, not the role itself, surely that is wrong?
What is obvious is that despite that, the fit is very often STILL wrong.
I do know what it’s like at the bottom. Whilst at uni I laboured on building sites to pay my way, my first full time job was in a call centre, ten I worked as an estate agent, before setting up my own agency and ultimately taking over the chain where I joined as a trainee. At 30, I sold it and started again at the bottom ofvthe ladder in house building.
I have moved up through being good and taking career risks, easier when you are young without a family to support.
I will shortly be taking another big career risk, in your 50’s you can’t guarantee to get another job if it all goes wrong. So to attract me, the business has had to do a deal with tasty incentives and a safety net, otherwise I’ll stay in my safer fairly well paid role.
blueg33 said:
Louis Balfour said:
blueg33 said:
Louis Balfour said:
I knew a chap who took the helm of a failing high street retailer. He came from a multi-national. Financial message boards were awash with "how did ****** get that gig?" and when he inevitably failed it was "he was way out of his depth, should never have been there etc". He looked haunted and jumpy during his tenure. Last seen on a plane to far-off lands where he now works in an industry better suited to him.
I know another chap who is CEO of a household name. Unusual appointment. I haven't seen him since he joined them, but will be surprised if he survives.
In a far more modest way, when I was working, I took some roles above my level of ability. I grew into some, not others. The money was never enough to compensate from being in the wrong job.
I
Same with any job really. I know another chap who is CEO of a household name. Unusual appointment. I haven't seen him since he joined them, but will be surprised if he survives.
In a far more modest way, when I was working, I took some roles above my level of ability. I grew into some, not others. The money was never enough to compensate from being in the wrong job.
I
Crash and burn at the Border Agency, off you go as CEO to run Tax. For a few years only, saying cheerio with a £2.4m taxpayer funded pension pot. Underwhelm running an LA dept, trot along as a gov't funded Trust's CEO. And the rest.
blueg33 said:
I have moved up through being good and taking career risks, easier when you are young without a family to support.
Very true. I was reading today about a chap in a similar line of business to me, he is 20 years my junior and far more successful. But he IS 20 years younger and has no dependents.All of which said, I was probably at my most productive at the beginning of the GFC for the simple reason that I DID have a wife and young family to support, and a business that had been destroyed by the banking woes. Fear can be a strong motivator.
turbobloke said:
Sure, that's eminently sensible - then go for a senior public sector role; stuff up and you'll get promoted anyway.
Crash and burn at the Border Agency, off you go as CEO to run Tax. For a few years only, saying cheerio with a £2.4m taxpayer funded pension pot. Underwhelm running an LA dept, trot along as a gov't funded Trust's CEO. And the rest.
Don’t get me started on public sector CEO’s…..Crash and burn at the Border Agency, off you go as CEO to run Tax. For a few years only, saying cheerio with a £2.4m taxpayer funded pension pot. Underwhelm running an LA dept, trot along as a gov't funded Trust's CEO. And the rest.
Louis Balfour said:
Very true. I was reading today about a chap in a similar line of business to me, he is 20 years my junior and far more successful. But he IS 20 years younger and has no dependents.
All of which said, I was probably at my most productive at the beginning of the GFC for the simple reason that I DID have a wife and young family to support, and a business that had been destroyed by the banking woes. Fear can be a strong motivator.
Fear is a biggy. When I was 35 with 2 small kids I had an opportunity that would have left me with >£7m clear profit, but to do it I would have had to put my house and all my assets on the line borrowing £21m with the funder taking a top slice before I could access my profit. All of which said, I was probably at my most productive at the beginning of the GFC for the simple reason that I DID have a wife and young family to support, and a business that had been destroyed by the banking woes. Fear can be a strong motivator.
Due to fear and a lack of confidence I declined. The development that was my brainchild made a lot more due to price inflation and annoyingly the upside went into the Persimmon coffers.
That development is one of the land mark developments next to the Mailbox in Birmingham. I’m proud of it but kick myself every time I go there.
blueg33 said:
Louis Balfour said:
Very true. I was reading today about a chap in a similar line of business to me, he is 20 years my junior and far more successful. But he IS 20 years younger and has no dependents.
All of which said, I was probably at my most productive at the beginning of the GFC for the simple reason that I DID have a wife and young family to support, and a business that had been destroyed by the banking woes. Fear can be a strong motivator.
Fear is a biggy. When I was 35 with 2 small kids I had an opportunity that would have left me with >£7m clear profit, but to do it I would have had to put my house and all my assets on the line borrowing £21m with the funder taking a top slice before I could access my profit. All of which said, I was probably at my most productive at the beginning of the GFC for the simple reason that I DID have a wife and young family to support, and a business that had been destroyed by the banking woes. Fear can be a strong motivator.
Due to fear and a lack of confidence I declined. The development that was my brainchild made a lot more due to price inflation and annoyingly the upside went into the Persimmon coffers.
That development is one of the land mark developments next to the Mailbox in Birmingham. I’m proud of it but kick myself every time I go there.
During the early stages of the GFC, we were still able to borrow commercially because my name was against the debt. But both our principal lenders decided they wanted out and weren't too fussy about how they went about it. I ultimately had exposure, but no direct charges. It was probably this that bought the time needed to refinance. It was massively stressful anyway, but if the banks' life had been just a little easier my life may have been quite an ordeal.
I also learned of far bigger fish than I who'd had the exact same problem (including a TV business person). It was a necessary lesson that the banks will try to f
k you, if it suits them, regardless of who you are.Louis Balfour said:
You did the right thing.
During the early stages of the GFC, we were still able to borrow commercially because my name was against the debt. But both our principal lenders decided they wanted out and weren't too fussy about how they went about it. I ultimately had exposure, but no direct charges. It was probably this that bought the time needed to refinance. It was massively stressful anyway, but if the banks' life had been just a little easier my life may have been quite an ordeal.
I also learned of far bigger fish than I who'd had the exact same problem (including a TV business person). It was a necessary lesson that the banks will try to fk you, if it suits them, regardless of who you are.
When I started out in my career and getting projects funded, an investor said to meDuring the early stages of the GFC, we were still able to borrow commercially because my name was against the debt. But both our principal lenders decided they wanted out and weren't too fussy about how they went about it. I ultimately had exposure, but no direct charges. It was probably this that bought the time needed to refinance. It was massively stressful anyway, but if the banks' life had been just a little easier my life may have been quite an ordeal.
I also learned of far bigger fish than I who'd had the exact same problem (including a TV business person). It was a necessary lesson that the banks will try to f
k you, if it suits them, regardless of who you are.“If you owe the banks £50m they’ve got you over a barrel, if you owe them £500m you have them over a barrel.
My project wasn’t big enough to insulate me.
blueg33 said:
Louis Balfour said:
You did the right thing.
During the early stages of the GFC, we were still able to borrow commercially because my name was against the debt. But both our principal lenders decided they wanted out and weren't too fussy about how they went about it. I ultimately had exposure, but no direct charges. It was probably this that bought the time needed to refinance. It was massively stressful anyway, but if the banks' life had been just a little easier my life may have been quite an ordeal.
I also learned of far bigger fish than I who'd had the exact same problem (including a TV business person). It was a necessary lesson that the banks will try to fk you, if it suits them, regardless of who you are.
When I started out in my career and getting projects funded, an investor said to meDuring the early stages of the GFC, we were still able to borrow commercially because my name was against the debt. But both our principal lenders decided they wanted out and weren't too fussy about how they went about it. I ultimately had exposure, but no direct charges. It was probably this that bought the time needed to refinance. It was massively stressful anyway, but if the banks' life had been just a little easier my life may have been quite an ordeal.
I also learned of far bigger fish than I who'd had the exact same problem (including a TV business person). It was a necessary lesson that the banks will try to f
k you, if it suits them, regardless of who you are.“If you owe the banks £50m they’ve got you over a barrel, if you owe them £500m you have them over a barrel.
My project wasn’t big enough to insulate me.
I think it rather depends upon the value and liquidity of the security.
Louis Balfour said:
My father said the same.
I think it rather depends upon the value and liquidity of the security.
My father told me not to get any girls pregnant or have the police or angry parents coming over to the house. I think it rather depends upon the value and liquidity of the security.
He missed the whole owning the bank 500 million thing.
He did say don’t take any drinks of others unless you can buy a round yourself though. So he sort of mentioned the value of liquidity I suppose?
Edited by anonymous-user on Sunday 5th June 14:34
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