Noting that the Indian economy continues to grow while the U.S. is in its 17th straight month of recession, a business article from India focuses on the irony behind the enormous disparities in CEO pay in the two countries that often results in U.S. top execs earning more than 10 times as much as their peers in India.
Noting that the Indian economy continues to grow while the U.S. is in its 17th straight month of recession, a business article from India focuses on the irony behind the enormous disparities in CEO pay in the two countries that often results in U.S. top execs earning more than 10 times as much as their peers in India.Motorola co-CEO Sanjay Jha ranked first among U.S. executives in a Wall Street Journal study, with 2008 compensation of $104 million, while India's top-paid CEO, Mukesh Ambani of Reliance Industries, made about $8.9 million, according to an article in the Economic Times of India:
Ambani's package is just about one-fifth of the same for even Vikram Pandit, also an India-born person and CEO of banking behemoth Citigroup, which had to seek the US government's support to keep running. Pandit is fourth highest-paid CEO in the US with $38.2 million (about Rs 200 crore) pay packet.... Pandit is also the highest paid CEO for bailed out banks in the US.
The US economy shrank in the fourth quarter of 2008 by over six per cent -- maximum fall in 26 years -- and the economy is on a downward slope for 17 months now.
In addition to no Indian CEO making more than $9M in 2008, only about 25 made more than $2M, the article said.
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