The happy recipient of this EuroJackpot size payoff is Stephen Elop the former Nokia CEO. During his tenure thousands of people lost their job, the market value of Nokia tanked and profitability decreased by 95% (it must be true because I read it in Wikipedia)
There are those who argue that Nokia's problems where known before Elop took the reigns. Fair enough, I agree, but wasn’t he supposed to come in and fix them? He didn’t, he failed. Miserably.
So how is it that failure can be rewarded with such massive monetary payoffs? While Stephen Elop is to corporate leadership what Basil Fawlty is to hotel management the issue is much bigger. Capitalism is busted.
The whole thing is broken. I’m talking the axel has fallen off and the battery has gone kablooie. This is something that can’t be fixed by a quick trip to a Kwik-Fit Fitter.
Capitalism has been hijacked. Shareholders no longer use their power and as a result, corporate boards have been invaded. Go and have a good look at the boards of large corporations, you’ll find them filled with former and current management executives. People in whose interests it is to perpetuate the myth of paying ridiculous amounts of money for mediocre ability.
Don’t get me wrong, superior performance in a role of great responsibility deserves large compensation. I have no problem with that. Let the sky be the limit, and let the recipients be my clients, but seven-eight figure payouts in any other currency than the Zimbabwean Dollar to corporate Keystone Kops as standard operating procedure is an insult to hard work and the spirit of entrepreneurship.