IBM CEO's compensation jumps 30% to $31.7 million

[ChromeFoundry]

CEO Sam Palmisano's compensation topped $31.7 million in 2010, up from $24.3 million in 2009

Sam Palmisano's bonus nearly doubled and his total pay package grew 30% in 2010, as IBM reported record profit for the year and surpassed the high end of its earnings-per-share goals.

Palmisano, who is chairman, president and CEO of IBM, received compensation worth $31.7 million in 2010, up from $24.3 million in 2009, according to documents filed Monday with the U.S. Securities and Exchange Commission.

Palmisano received a $1.8 million salary, which is equal to the salary he received in 2009. He also took home a performance-based cash bonus of $9 million, which is an 89% increase over the $4.8 million bonus he received in 2009.

Source: http://www.networkworld.com/news/2011/030811-ibm-palmisano-compensation.html?hpg1=bn

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On Edit:
IBM layoff total surges past 2,500 across 22 work groups, union reports
Mar. 3, 2010 at 7:59 a.m.
RESEARCH TRIANGLE PARK, N.C. – Just as IBM workers feared, Big Blue began a new round of layoffs on Monday. The toll continued to increase on Tuesday.

According to Alliance@IBM, the union seeking to represent IBM (NYSE: IBM) workers, verified through various sources that IBM cut its payroll in at least 22 groups by more than 2,400 positions.

Later Tuesday, the addition of cuts in two more groups pushed the total to 2,544.

Among the new cuts: A reduction of 48 in corporate marketing and communications.

The increases Tuesday included 11 additional work groups and more than 1,000 jobs.

Biggest loser so far: Distributed servers, which is cutting 318 jobs.

Source: http://wraltechwire.com/business/tech_wire/news/blogpost/7141180/

[xchrom]

1. and how much of that will he use to extend his power and influence in the political realm? nt

[Renew Deal]

2. IBM has gotten a lot of good free press with Watson.

And well deserved too.

[cbdo2007]

3. If the company has that much money then there is no problem with this.

I'm only against it if the company DOESN'T have this much money and he still gets a bonus, while they are claiming a loss.

[sinkingfeeling]

4. But IBM hasn't given their retirees a cost of living increase since

2001. Here's a comparsion of what they used to do and what they do now (Age of Corporate Greed).

History of post-retirement increases
Effective date of increase Maximum percentage
January 1, 2001 2.5 to 25
August 1, 1990 7
October 1, 1986 6
January 1, 1983 8
December 1, 1980 10
December 1, 1978 12
November 1, 1976 15
November 1, 1974 10
May 1, 1969 7"

[SharonAnn]

5. Many companies never give a cost-of-living increase. Others provide no retirement.

[sinkingfeeling]

7. So? Where is this stuff coming from? This apparent pitting of people against each other.

Just read in another post about a Wisconsin woman saying that public employees shouldn't make more nor have pensions because she didn't have them.

[Dappleganger]

6. My brother-in-law was caught up in that layoff.

He has a PhD and still hasn't found a job yet (was with IBM for 12 years).

[OhioChick]

8. Is he still begging Obama for a bailout?

Sam Palmisano: IBM CEO begs Obama for bailout

http://gawker.com/#!5078804/ibm-ceo-begs-obama-for-bailout

Greedy fuck.

[cbdo2007]

9. Haha, I don't think you understand the term "bailout".

IBM was never in need of a bailout, nor did they ever ask Obama for one. Unlike the banks, they've got plenty of money.

Rather he calls for an economic stimulus to make roads/cities more technologically efficient, which I'm pretty sure everyone here at DU was for.

[ChromeFoundry]

11. Maybe not a direct "bailout", so to speak...

But surely a self-serving revenue based off of the stimulus funds...

"I.B.M. is increasingly playing the role of lead contractor in these so-called smart infrastructure projects around the world, from a traffic management network in Stockholm to electric grids in Texas."

A little self-serving, no?

Regardless... OC's point on greedy fuck stands on it's own! :)

[OhioChick]

13. Thank you....

Exactly what I meant. Was searching on something similar that a member posted here a few years back, but can't seem to find it at the moment.

[cbdo2007]

14. Who else would they get as lead contractor - Dairy Queen???

No, they get one of the largest IT firms in the world.

Hahahaha.

[ChromeFoundry]

15. There is competition in this arena...

Cisco Systems and their "sustainable city" initiative.

As for partnered roles, Microsoft, Intel, and Oracle would be among the players.

[cbdo2007]

16. IBM works with all of those companies.

Where in his congressional testimony does he say he wants IBM to do all of this and do it alone?? Hahahahah!!!! They are partnered with all of these companies and work with them all every day on all of their projects. Most likely he was invite to speak to congress because they wanted his opinion as the CEO of one of the largest tech firms in the world.

The CEO of Microsoft or Cisco or Intel or Oracle would have said exactly the same thing he said. Then you'd be here attacking them just like you are the IBM guy. hahahahahaha hah ahahahahaha hahahahaha

[OhioChick]

17. Sam, is that you?

hahahahahahahahahahahahha

[bullwinkle428]

10. Earned every penny of it, I'm quite sure!

:sarcasm:

[ChromeFoundry]

12. Of course...

It's hard work to step on the backs of all those little people that do all the real work!

[Uncle Joe]

18. Well 31.7 million doesn't go as far as it used to with the high gas prices and all.

Thanks for the thread, ChromeFoundry.