Re:Equifax CEO Richard Smith Who Oversaw Breach to Collect $90M
by dogruck on Friday September 29, 2017 @08:59AM
(#15364807)
Such a contract would attract charlatains -- guys like Bernie Madoff. And then, when they found a data breech, they'd pull every trick to keep it hidden.
No doubt that CEOs should be held responsible. And here the board would say, yes, that's why we fired him.
Re:Equifax CEO Richard Smith Who Oversaw Breach to Collect $90M
by Aaargh20318 on Friday September 29, 2017 @10:20AM
(#15365471)
> Such a contract would attract charlatains
No it wouldn't. The current contracts do that. The CEO can basically take huge risks with the company at zero personal risk. If it pans out, he gets a huge bonus, if it fails he bails out with a huge severance package and no personal consequences.
It's the same mechanism that got us into the financial crisis. Executives have every reason to take huge risks and none to play it safe.
If you claim you are responsible for the performance of the company, that goes both ways. You can't claim responsibility ONLY when things go well (and rake in large amounts of cash) and then when things go to shit suddenly act like you had nothing to do with it.