Unbelievable, but true!
The board of directors of Xerox Corp. (NYSE: XRX) gave Chairman and Chief Executive Officer Ursula M. Burns a pay package worth $13,070,245 for her 2012 performance. The figure would be good by the measure of most public company CEOs. In the case of Burns, the compensation came in exchange for a performance that was mediocre at best.
Last year, Xerox’s revenue fell 1% to $22.4 billion. Net income dropped 8% to $1.2 billion. Results for the fourth quarter were slightly worse. Revenue fell 1% to $5.9 billion. Net income was down 10% to $343 million.
The Xerox board offered its broad philosophy about how management should be paid, based on several “core principles.” According to the Xerox 10-K:
These principles are intended to motivate the named executive officers to improve the Company’s financial performance; to be personally accountable for the performance of the business units, divisions…
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