CEOs have found cutting jobs is a good way to get the stock price moving. But it looks like it's another way to get a raise for themselves.
All five of the CEOs at companies that cut their workforces the most the past five years, that reduced the headcount each and every of the past five years, got big raises in their most recent fiscal years, a USA TODAY analysis shows.
The biggest raise went to Sandeep Mathrani, CEO of General Growth Properties, a real-estate investment trust. The company paid Mathrani $22.1 million in fiscal 2013, up 424% from the previous year, says the company's proxy filing. That's despite cutting the company's workforce by more than half from levels five years ago.
The chart below shows the S&P 500 companies that cut headcounts the most the past five years, cut them each year and how much the CEOs were paid in their most recent fiscal years:
Last fiscal year pay
Pay Ch. %
Source: S&P Capital IQ, USA TODAY research
Footnote: Lautenbach was named CEO effective Dec. 3, 2012, so year-over-year comparisons are not meaningful