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Raytheon Punishes Chief Executive for Lifting Text

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survivor999 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed May-03-06 06:51 PM
Original message
Raytheon Punishes Chief Executive for Lifting Text
The Raytheon Company board today reduced the 2006 compensation package of its chief executive, William H. Swanson, who admitted to lifting portions of his book, "Swanson's Unwritten Rules of Management," from other texts.

The company decided to freeze Mr. Swanson's 2006 salary at its 2005 level and cut Mr. Swanson's 2006 restricted stock award by 20 percent. In 2005, Mr. Swanson received a salary of $1.12 million and a restricted stock award of $2.96 million. A person close to the board, who was granted anonymity because he was disclosing proprietary information, said the reductions amounted to about $1 million in lost compensation.

Raytheon has stopped circulating Mr. Swanson's book, whose folksy wisdom about business turned Mr. Swanson into a mangement guru and earned him praise by such business leaders as Jack Welch and Warren Buffett. The company, a leading military contractor, had distributed over 200,000 copies of Mr. Swanson's book and had promoted it on its website.

Full story: http://www.nytimes.com/2006/05/03/business/03cnd-raythe...
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Poll_Blind Donating Member (1000+ posts) Send PM | Profile | Ignore Wed May-03-06 06:54 PM
Response to Original message
1. Bravo! They still suck, just not as much. 8^) n/t
PB
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superconnected Donating Member (1000+ posts) Send PM | Profile | Ignore Wed May-03-06 06:57 PM
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2. Whats the message this is sending your kids?
Edited on Wed May-03-06 06:58 PM by superconnected
Answer: Plagerists get lucrative deals.
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Newsjock Donating Member (1000+ posts) Send PM | Profile | Ignore Wed May-03-06 07:11 PM
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3. So he's going to make ONLY $1.12 million this year?
How will he live? And only another $2.4 million in stock options? How will be put food on his family?

Yeah, harsh punishment my ass.
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survivor999 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed May-03-06 07:15 PM
Response to Reply #3
4. I know...
Fines for wealthy individuals are a bit of a joke, no?... Such as in this case...
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daleo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed May-03-06 10:42 PM
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5. One of the Unwritten Rules of Management - steal from other people
I am surprised he didn't get a bonus.
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Media_Lies_Daily Donating Member (1000+ posts) Send PM | Profile | Ignore Wed May-03-06 10:57 PM
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6. Anyone doing this from the Lower 99% would have been fired.
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