I was shocked to find that the IR executive team has taken so much money out of the company for themselves during these economic times. http://biz.yahoo.com/e/090219/ir8-k.html
Can anyone explain to me how these compensation levels can possibly be justified? Employees are being asked to find as many ways as possible to cut back and merit increases are on hold. Many have been laid off, eventhough there is pleanty of work to be done.
The company is worth much less (as are almost all right now, but much less than average). Stock price has performed below average for the past 10 years. How can they possibly take bonuses in this climate?
IR is set up to over compensate executives. That has been the case sense JEP. Becoming and Exec at IR is better than winning the lottery. Try some day to figure out the hidden perks that they receive. They hide that well. Employees and Customer are only here to serve a few.
Just another ENRON? If IR followed their own code of conduct they would be the largest HVAC/R company in the world. It's just a matter of time before IR runs Trane into the ground like Hussmann.
This topic comes up all the time because everyone likes to dump on the high-paid executives. Like every other peon out there, I can't imagine anyone being worth that much or needing that much to live and find it annoying to see such lavish salaries and perks for the top management. Having said that, we need to step back and realize that the salaries of a few execs have nothing to do with my salary or the stock price so it's not worth worrying about. Sure it looks bad, but if the CEO cut his salary by 75% would you get a raise? NO. Would the stock price go up? NO. I'd also like to point out that the IR stock price has nearly quadrupled from its low point about two years ago, so that is an infinitely more important fact than how much the CEO makes. It's human nature to feel resentful and jealous of rich people but you have to remember making them poor wouldn't benefit you at all and would only be spiteful.
To make a general point, be careful when politicians (ex. Obama) encourage you to hate CEO's, hate the insurance industry, hate the pharmaceutical industry, hate the petroleum industry, hate the fast food industry, etc. You're not going to get any benefit out of allowing this except higher prices, less choices and more government control. Don't fall into the trap.
There all a bunch of liers and thieves. I used to work for IR and got fired for refusing to violate EPA laws and National Electrical Codes. If a commerical HVAC unit has dirty coils you blow off the refrigerant into the atmosphere to reduce head pressure and the customer gets billed for cleaning the coils. If a circuit breaker trips you just put a bigger one in. If you don't go along with that you get fired. IR seems to be composed of a bunch of rotten dishonest liers and the further up the chain of command you go the more dishonest it gets. Honest people get fired, dishonest people get permotions. Liers are also thieves! Welcome to IR.
It appears to me that the bulk of the compensation for the ceo is tied to a nearly $40 stock price and that is a beautiful thing. I'll bet this guy's eye is nowhere but on the ball right now.
The Associated Press reports about Herb's comp plan.
..compensation last year valued by the company at $11.3 million, 6.4 percent more than the previous year, according to an Associated Press .
In addition:received perks valued at $525,269, up from the previous year's $444,790. Those perks included $168,272 for personal use of corporate aircraft, $256,500 for an employee savings plan and $29,287 as a car allowance