An Obituary Need Not Be Positive Pablum
A Chicago Tribune story notes that the inept CEO of the Tribune Co., Dennis FitzSimons, was given a $1.4 million bonus for 2006, compared to $250,000 for 2005 and $260,000 in 2004. On top of the bonus, FitzSimons received $999,327 in salary in 2006.
This is another corporate spectacular. The more CEOs drive their companies into the ground, the better they seem to be compensated. FitzSimon's big bonus qualifies him for a bigger separation package should he leave the company.
The Tribune buyer, Sam Zell, has said he plans, at least for the time being, to keep FitzSimons and other Tribune executives in place, at least until he can evaluate their efficiency. Judging from FitzSimons' record, he deserves to be terminated as soon as possible, and, judging from his mistreatment of the company's properties outside of Chicago, he should never be permitted to work outside that city again.
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