Bozotti To Give Up His Pay? Ha Ha.
An April Fools Day joke on the STMicroelectronics employees web-site carries the story that, in an interview with the New York Times, ST CEO Carlo Bozotti renounced all his financial compensation entitlements for 2013 and 2014
“Dans une interview donnée en exclusivité au New York Times, le PDG de STMicroelectronics, Carlo Bozotti, a annoncé (…) qu’il renonçait à tous ses avantages financiers sur 2013 et 2014, au profit exclusif des salariés français,” said the story which can be read at http://www.cad-st.org/carlo-bozotti-renonce-a-tous-ses-avantages-2013,863.
There is understandable hilarity in France over the huge compensation paid to Bozotti while ST’s performance declines.
Recently the French professional engineers union wrote to the French Minister for Economics and Finance saying: “Over the period 2005-2013 (Bozotti’s term of office as CEO) STMicroelectronics fell from 5th to 10th in the world, with a turnover decrease of $ 8.8 billion to $ 8.0 billion, a decrease of 10%. In the same time, the remuneration of Mr. Carlo Bozotti rose from $ 1,470,000 to $ 3,400,000, an increase of 231%.”
The union letter continued: “The year 2013 ended with a loss of $500 million and a turnover down 4.8% over the year 2012. For the same period, in 2012, 2013, the total annual remuneration of the CEO of the company, Mr. Bozotti, rose from $ 2.5 million to $ 3.4 million, plus $ 900,000 paid by STMicroelectronics has a supplementary pension scheme managed by an independent Swiss foundation.”
The French have obviously taken the old adage to heart that it’s better to have a laugh than weep.