To combat a growing threat to corporate largess, America’s best paid CEOs have banded together to form an organization called, Save the Salary. Ray Irani* - CEO of Occidental Petroleum made the following announcement. “A recent study by The Corporate Library reveals the median pay for chief executive officers at corporations rose less than 10 percent for the first time since 2002. Obviously we are not happy with that. To put this in perspective, the most recent compensation increase was a paltry 9.3 percent, a woeful comparison to the 16 percent increase the previous year.”
A visibly distraught Irani then fought back tears and continued, “Today I stand before you to say, ‘We, the CEOs of America, cannot and will not stand for this. We are drawing a line in the sand. Therefore, it gives me great pride to announce a new organization dedicated to preserving our corporate heritage of outlandish salaries and perks. It is called, ‘Save our Salaries’ and you will hearing a lot more about it in the coming months and all the swell ways the public can make their tax-free donations!"
* (Reuters) — Occidental Petroleum's chairman and chief executive took in more than $400 million in compensation last year, the company said in a filing, one of the biggest single-year payouts in U.S. corporate history.