Exxonmobil:CaseoftheColossalCompensation

MindyBurton
MadelineLewis
TaraSmith

BrighamYoungUniversity

Introduction

WehavebeenhiredbyExxontodevelopalongtermsolutionindefusingtheissueof
complaintsaboutloftycompensationofexecutives.Wehavecomprisedthenecessaryresearch
asthefirststeptosolvingtheproblemwhichisshownbelow.Thisinformationprovidesabetter
ideaofhowtohandlethesituation.

ExternalEnvironment
MistrustofBigBusinessandCorporateExecutives
InAmerica,thereislittletrustforbigbusinessanditsleaders.Oneinfivepersons
surveyedbyForbes'strustbarometerbelievesthattheseentitiesorindividualscanbetrustedto
tellthetruthduringadifficultsituation.Inthesurvey,businessleadersweretrusted32percent
lessthanthecorporationtheyrepresented(Adams,2013).Thisisespeciallyhurtfulbecause
Exxongetslumpedinwithotherbusinessesandtheirlessthansavoryreputationsbecauseof
theirsimilarsizeandscope.
WorldCrisesandCorruptGovernment
OnecrisisafteranotherissweepingthroughtheMiddleEastandotheroilrichlands.
EventhoughthemajorityofExxonMobil'sbusinessventuresareinNorthAmericaandEurope,
theystillhaveoperationsinEgypt,Iraq,Kuwait,Qatar,SaudiArabiaandtheUnitedArab
Emirates(ExxonMobil,2014).ThiscanpreventExxonfromobtainingthecrudeoilandnatural
gasitneedstokeepupwiththedemand.
Exxonhasbeencriticisedfordealingwithcountrieswithdictatorsorcorrupt
governments.FisherreportedthatExxonMobilhandedoverhundredsofmillionsofdollarsto
corruptregimeofPresidentJoseEduardodosSantosinthelate1990sinordertoaccessthe
estimated7.5billionbarrelsofcrudeoilthere.Exxonisntaloneinthis.Companieslike
TotalFinaElf,BP,Chevron,andothersareconductingbusinesswithtyrantsallacrossthe
MiddleEast,Africa,AsiaandSouthAmerica(Fisher,2003).

InternationalandDomesticLaws
ThisisanareathatExxonneedstohireteamsofpeopletokeeptrackofthenumerous
laws,regulationsandpoliciesinplacethatimpactExxonsabilitytomakeaprofitandconduct
businessasusual.Thesecanhaveawiderangeofsubjects:theenvironment,employeebenefits
andtaxesetc.Forexample,companieswhodobusinessinternationallyarefacingthepossibility
ofdoubletaxation.Companiescurrentlyaretaxedfordomesticbusinessventuresbytheirhome
country,whiletheirforeignventuresaretaxedbythehostcountry.However,ifnewUStaxation
lawsgointoeffect,companieslikeExxonwillgettaxedbythehostcountry
and
theUSfortheir
foreignbusinessprofits.ThisputsExxonandothersatadisadvantageinternationally,because
theyaredealingwithasecondtaxtheirforeigncompetitorsdonthavetodealwith(Exxon
Mobil,2014).

TheIndustry
BigNamesandTheirNumbers
Theoilandgasindustryisaglobalonewithfew,dominatingcompanies.SaudiAramco
produces12.5millionbarrelsperdayfor$1billioninrevenuesdaily.RussiasGazpromhas9.7
millionbarrelsadayfor$40billionperyear.NationalIranianOilCoproduces6.4million
barrelsperday,thoughsanctionsonIranhavemadeproductionmorecomplicated.Exxonis
fourthonthelistproducing5.3millionbarrelsperdayforprofitsof$40billionperyear
(Helman,2014).

EnergyBreakdown
Naturalgasismorepopularnowthaninthepasthalfcenturyandprovides25percentof
theworldsconsumedenergy,andthisisexpectedtogrow(Globalnaturalgas,2013).In2012,
oilonlyaccountedfor38percentoftheworldsenergyconsumption(TheShiftProject,2012).
ExpandingandDiversifyingMarket
TheUSEnergyAdministrationpredictsthattheliquidenergydemandhaspeakedinthe
UnitedStates,Europe,andothermoredevelopedareas.Plus,withnewtechnologiesthatare
moreefficientandenvironmentallyfriendly,energyalternativesarebeingfoundforless
developedcountrieslikeChina,India,andtheMiddleEastwillbecapitalizingoninthenextfew
decades(InternationalEnergyOutlook,2014).Thesedevelopmentskeeptheenergyindustry
strong,healthyandreadytomoveforward.

TheClient
WhoTheyAre
ExxonMobilisoneoftheenergyindustryslargestpubliclyownedpetroleumand
petrochemicalcompanies.OriginallyRockefellersStandardOilCompanyfoundedin1859,it
hasmorphedintoamultinationalcorporationbasedinIrving,Texas(ExxonMobil,2014).
PracticeandProjection
Thiscompanyfinds,obtains,processes,transportsandsellsoilandotherenergy
resources.Despitetheirnationalscopeanddiversebusinesspursuitstheyonlyhave
approximately75,000employees.Exxonstotalprofitisapproximately$32.58billion(Forbes,
2014).Thecompanysoperatingrevenues($420,836million)and
operatingprofit($57,711

million)
of2013bothdecreaseby6.8percentand26.7percentrespectivelyfromtheir2012
totals(
Marketline
).Despitethesedecreasesinthepastyear,theoveralltrendofthecompanys
revenuesforinvestorsisstilloneofgrowthandprosperity(GuruFocus,2014).

(GuruFocus,2014).

Infamy
Thiscompanyhasatroubledpast.WhengooglingExxon,thetopresultsareExxon
ValdezandExxonoilspill.ExxonValdezwasthecompanysoiltankerthatranagroundand
dumpedhundredsofthousandsofcrudeoilintothePrinceWilliamSound,Alaska
(Google,
2014).ThisshowsthatthemistakesofExxonhavenotbeenforgotten.
Responsibility
ButExxonisalsorecognizedforitssmall,butsignificantactsofcorporateresponsibility.
WhenhomeswerecompromisedbyanExxonpipelineburstinginasubdivisioninMayflower,
Ark.,theCorporationprovidedaprogramwherehomeownerscouldselltheirhometo
ExxonMobilatmarketprice(AssociatedPress,2014).Thecorporationalsoprovidestheirjobsin
communitieswhereplantsandfacilitiesarewhichcontributestothelocaleconomy.

TheProduct,ServiceorIssue

Product
Oilisoneofthelargestresourcesacrosstheglobe.Theoilandnaturalgasindustry
contributestoeconomicgrowthwhetheritisthroughprovidingjobsorviataxesthatsupport
localandfederalgovernments.Thedailyuseofoilincludesanythingfromtransportation,
manufacturinggoods,energysourceandmore.
ExxonMobilisoneofthemostprofitablecompaniesintheindustryworldwideandthe
largestoilcompanyintheUnitedStates.Theirprofitsin2008of$45billion,setarecordforthe
mostprofitmadeinasingleyearforanycompany,accordingtoa2013DallasNewsarticle
writtenbyJamesOsborne.Howeverduetothemarketcrashandthepriceofoildropping
significantlyin2009,theytookafinancialhitdroppingtoabout$19.3billioncheckthisin
profitsthatyear.
SalesForce
Despitethefinancialsetback,Exxonsfinancialreportingshowsasteadyclimbinprofit
andgrowthofbusiness.Theyprovidefuelsandlubricantsunderthreebrandnames,Exxoninthe
UnitedStates,EssoandMobilworldwide,accordingtotheirwebsitecorporate.exxonmobil.com.
Theyarealsothelargestpetrochemicalcompanies,whichprovidesawiderangeofproducts
suchaspackagingmaterials,syntheticrubber,plasticbottlesandmanyotherconsumergoods.

Issue
Executiveshavereceivedcriticismfortheirannualcompensationandbonuses.In2008
chiefexecutiveofficerRexTillersonwasgivena$4millionbonusandanincreaseofsalary
from$1.87millionto$2.06million.Hewasalsogranted225,000sharesofrestrictedstock,
makingatotalof$40millionin2008(World).
AccordingtoExxons2003IncentiveProgram,restrictedstockisgrantedtoeligible
employees.Optionsandstockappreciationrightscannotbegrantedatpriceslessthan100
percentofmarketvalueonthedategrantedwiththemaximumlifeof10years.Attheendof
2013,remainingsharesavailableforawardunderthisprogramwere117million.(Form10K)
Supportfortheexecutivepayisonthedecline.Inavotelastyearonly71percentof
Exxonsshareholderssupportedthecompensation,downfrom78percentfrom2012.Executives
statedthatthedeclinewasnotsignificantenoughtomakerevisions.Exxonstotalshareholder
returnfor2012wasabout5percent(Driver).Shareholdershavehadencouragementtovote
againsttheexecutivecompensationbytheInstitutionalShareholderServicesInc.(ISS).
ISSisaproxyfirmandprovidescorporategovernancesolutionsforassetownersand
investmentmanagers.Theirservicesincludeobjectiveresearchandrecommendations,according
totheirwebsite
www.issgovernance.com
.TheirmainobjectionstoExxonsexecutivepayisitis
notsuitablycorrelatedwithTotalShareholderReturn.TheyclaimthatExxonplacestoomuch
emphasisontimevestedstockinsteadofperformancevestedstock.However,Exxonhasargued
thatISSsmodeldoesnottakeintoaccountthelongterminvestingcyclesforanoilcompany
likeExxon(McConnell).

OnereasonshareholderswouldliketoseeadecreaseinExxonscapitalspending.
Insteadofmoneygoingintoinvestments,forexample,themoneywouldbereturnedto
shareholdersasdividendsandbuybacks.Agoodthingforshareholders,butcouldlimitgrowth
forthecompany(Heleman,2013).
Productresearchandplannedimprovements
ExxonisconstructingacampusinHoustonthatwillhouseitsupstream,downstreamand
chemicalscompaniesandassociatedservicegroups.Thisisbuilttoaccommodate10,000
employeeswithamenitieslikedaycareandwellnesscenter.Thebuildingshavebeendesigned
withthoroughresearchtobeenergyefficient,sustainableandenvironmentallyfriendly.Aside
fromofficeandworkplace,thiscampuswillfeaturealaboratoryforpremierresearchand
physicalsciencestudy(Exxon,2014).
Exxonhasexpandeditsproductionanddistributionofmajorcrudeoilandnaturalgas.In
2010theyacquiredXTO,anaturalgascompany.Theyoperateunderfourproductionsharing
contractswiththeMalaysianoilcompany,Petronas,whoproducesaboutonefifthofthe
nationsoilproduction(Exxon,2014).

Promotions
ProfrackingAdCampaign
Inthesummerof2011Exxonspent$2milliononacampaigntosupporthighvolume
hydraulicfracturing.Theirmoneyfundedaseriesofnewspaperandradioadvertisementsbased
inNewYork.Frackingisamethodusedtoextractnaturalgasfromshale(Pressconnects).

NationalMathandScienceInitiative
In2012ExxonMobilputmoneyintoanadcampaignfeaturingtheNationalMathand
ScienceInitiative,andbecameasponsoroftheirefforttoincreasescienceeducationintheU.S.
ThegoalofthiscampaignwastoalertpeopleabouttheunderperformanceofU.S.studentsin
areasofmathandscience(Browning).InsomewaysthiscampaigncouldbeseenasExxon
takingresponsibilityofenvironmentalimpacttheycouldbehaving.
Gasfor$1.84
Anofferwasgiventothefirst150customertovisitNewportExxonin2012.Theywould
receivegasat$1.84pergallon.ThepublicitystuntwasannouncedbytheNewJerseyGasoline,
CStore,AutomotiveAssociationandwasmeanttohighlighthowdramaticthegaspriceshad
increasedoverthelastseveralyears(Jones).

MarketShare
SalesHistoryIndustrywide
Commoditytradersdeterminethepriceofoilandfallundertwocategories.Theyare
primarilyrepresentativesofcompanieswhousetheoil,whiletheothercategoryincludestraders
whoseonlymotiveistomakemoneyfromthepricechanges.Thetradersareregisteredwiththe
CommoditiesFuturesTradingCommission(CFTC),andhavebeenregulatedbythemfor
decades.Thethreemainfactorstradersusetodetermineoilpricesarecurrentsupplyintermsof
output,oilreservesanddemand.Althoughaworldcrisisorunrestmaymakethepriceinoil
increase.Anexampleofthiswasin2012,afterproofwasfoundthatIranwasclosertobuilding

nuclearweapons.Otherfactorsthataffectpricesincludenaturaldisastersorwhendamagetooil
refineriesoccur(Amadeo).
ShareofMarketandPotential
Thetop10U.S.oilandgascompaniesbasedonmarketvaluein2014areExxonMobil,
Chevron,ConocoPhillips,OccidentalPetroleum,EogResources,Phillips66,Anadarko
Petroleum,Apache,ValeroEnergyandDevonEnergy(Statista).
IndustryTrends
Theindustryhaschangedoverthepast10years.In2003thecostofcrudeoilwasat$30
abarrel,comparedtowhereweaveragenowat$100abarrel.Becauseofshaledrilling,or
fracking,theUnitedStatesisabletoreducegasimport,andtheoilproductionhasincreased.
Morethanhalfofouroilissourceddomestically,andtheUnitedStateshasbecometheworlds
leadingpetroleumproducer(Heleman,2013).
Despitetheriseinproductionthatshaledrillinghasseen,companiesthatmakeupthetop
20intheoilindustryhavechangedverylittle(Heleman,2013).Thetopfourcompaniesare
SaudiAramco,,Gazprom,theNationalIranianOilCompanyandExxon.Toillustratethe
changesinthepastdecade,SaudiAramcostotalproductofoilhasgonefrom9.9millionbpdin
2003to12.7bpdin2013.ExxonMobilwentfrom4.6millionbpdin2003to5.3million.
OneoftheprominentU.S.oilcompaniesthatlostlargeportionoftheiroutputwasBP,
aftertheoilspillin2010.Theywereat3.9bpdin2003andaredownto3.1millionbpd.Other
companieslikeConocoPhillipshavetriedtomaketheirmarkbyinvestinginternationalprojects.
ButtheyhavefoundtheyrunlowerriskandbetterreturnswithdevelopingshaleintheUnited
States(Heleman2013).

CompanyTrends
PartofExxonscontinuedgrowthhascomefromtheirshareofthelargenaturalgas
exportterminalsthattheyengineeredandbuiltforQatarPetroleum(Heleman2013).Their
purchaseofXTOEnergy,whospecializedinshaledrilling,hasalsocontributedtotheirgrowth
andkeepsthemaheadofthegameintheUnitedStates.
DemandTrends
Theuseanddemandforoilisglobal,butthehighestcountriesaretheU.S.at18.5
percent,Chinaat9.9percent,andJapanat4.7percent(2012WorldOilConsumption).The
demandcomesfromeverydayconsumers,smallorlargebusiness,tolargeindustries.Industries
andeverydayconsumersarelargelydependentintheformofenergyfuelsorrawmaterialsfor
chemicalproducts(Statisa).
Consumershavebeenconcernedwiththeriseingaspricesoverthepastdecade.Prosper
Insights&Analyticsinvestigatedtheinfluenceofgaspricesonconsumerspurchaseovera13
monthperiod.Theyfoundapositiverelationshipbetweenthecostofgasandthepercentof
consumerswhochangetheirspendingpatternsbecauseofgasprices.Thecaveatispeoplestill
needfuel,andunlesstheycanaffordpurchasingacarthatgetsbettergasmileage,theyusually
adjusttheirspendinginotherareasoftheirlife,likefoodorentertainment(Bickle).

Competition
ExxonMobilistheleaderofthetopU.S.oilandgascompanies.Basedonthe2014
marketvalue,inbillionU.S.dollars,Exxonleadsat$422.1billion,withChevronat$227billion,
andConocoPhillipsat$86.4billion(Statista).

AdifferentiatingfactorbetweenExxonMobilandChevroncouldbeshowninthe
publicsopinion.OnSeptember18,2014Chevronannouncedtheywouldmeetanewsetof
voluntaryshalegasdrillingstandards.Chevronisthefirstcompanytoparticipateinthisand
theirpresidentNigelHearnesaidtheyhavehopesthesestandardswillhelpinreducingpollution
andfreshwateruse(Begos).Chevronismakinganefforttobecomplianttoadrillingstandardin
thewakeofthenewshaledrillingmethod.Butthegrowinginterestforthepublictounderstand
theeffectsoffrackingisanindustrywidequestion.
ExxonMobilagreedtopublishareportthisseptemberonitswebsiteoftherisks
surroundingdisposaloffrackingwastewater,airpollution,methaneemissionsfromoiland
naturalgaswells(Scheyder).

Resources
Facilities
ExxonMobilhasfacilitiesinCanada,Caribbean,Guatemala,Mexico,UnitedStates,
Argentina,Brazil,Columbia,Azerbaijan,Belgium,Cyprus,Finland,France,Germanyand
CentralEurope,Italy,Kazakhstan,Luxembourg,Norway,Romania,Romania,Russia,The
Netherlands,Turkey,Turkmenistan,Ukraine,UnitedKingdomandIreland,Egypt,Iraq,Kuwait,
Qatar,SaudiArabia,UnitedArabEmirates,Angola,ChadandCameroon,EquatorialGuinea,
Madagascar,Nigeria,Tanzania,Australia,China,GuamSubCluster,HongKong,India,
Indonesia,Japan,Malaysia,NewZealand,PapuaNewGuinea,Singapore,SouthKorea,Taiwan,
Thailand,andVietnam.Facilitiesinallofthosecountriescanberigs,oilplants,chemicalplants,
andavarietyofdifferentbuildingswithdifferentpurposes(Exxon,2014).

Personnel:ExxonMobilemploys75thousandpeopleworldwide(Forbes,2014).
PublicOpinion
Generallymostpeoplehaveanegativeopiniontowardoilcompaniesbecausethey
believethatitstheoilcompaniesthatdictategasprices.

ExxonMobilisrated#82inWorldsMostValuableBrandsonForbes.com.Forbes.com

alsoratesit#4insales,#2inMarketShare,and#7inProfit(Forbes,2014).

Manypeople,whethertheylikeExxonMobilornot,areinterestedinthem.ExxonMobilis

oneofthemostpopularstocksthatpeopleputontheirstockwatchlistatStockOptionsChannel.
ExxonMobilstillhasproblemswithbeingviewedinapositivepubliclight.Manypeople
thinkthatExxonMobilisprettyshadyandhypocritical.AnarticlewaspublishedonForbes.com
sayingthattheyadvertiseonething,andthenlobbyfortheexactopposite.(Himler,2012).

SWOTAnalysis

Strengths:
Stillagrowingcompany,continuing
expansion
Takesaccountability
Responsive
Treatsemployeeswell
Continualenvironmentresearch
Stillprovidingjobs
Howbigofacompanyitis

Weaknesses:
Veryvulnerabletopublicopinion
Notverytransparent
LargestOilcompanyinAmerica

Opportunities:
Upthemoraleandpublicviewofthe
company
VolunteerandDonations
GrowingchemicaldemandinAsia
Createmorejobs

Threats:
Generalattitudetowardoilcompanies
PotentialDisaster
Governmentpossiblyintervening
Risingglobalenergydemand

PublicProfilesandRelationships

Employees
EmployeeshaveagoodrelationshipwithExxonMobilgivingthecompanyfouroutof
fivestarsonindeed.comforemployeereviews.Employeesfeelthatitisagreatplacetowork
withgoodbenefitsandroomforadvancement.ExxonMobilhasabout75,000employees
worldwide,whichisthelowestExxonMobilhashadinmanyyears.Thenumberofemployees
hasdecreasedalmosteveryyearsince2001(Statista,2013).Employeescouldbeanassetora
problemdependingonhowtheyaretreated.Itisveryeasyforemployeestogetmadabouthow
muchtheCEOisgettingpaidwhentheyarentmakingthatmuchorbeingtreatedhorribly.
However,ifemployeesarebeingtreatedwell,theywillbehappierwithwhattheyaregivenand
willhavelessopportunitiestoquestionthepayoftheexecutives.Treatingemployeeswell
doesntalwaysmeanpayingthemanarmandleg,youcangivethemgoodbenefits,good
vacationtime,makenicefacilitiesliketheonegoingupinHoustonwithadaycarefacilityanda
placetoexerciseatwork(HoustonChronicle,2014).
Customers
AnyonethatdoesbusinesswithExxonMobil.SinceExxonMobilisthelargestoil
companyintheUnitedStatesandoneoftheleadingoilcompaniesintheworld,alotofpeople
dobusinesswiththem.EventhoughnotallofthemareinterestedinhowmuchtheExecutives
make,manywillbeinterestedtoknowhowthecompanyisdoing.Therewillalsobecustomers

thatareinterestedinhowtheexecutivesaredoingbecausetheywillwanttoknowhowthe
moneytheyarepayingforExxonMobilsproductisbeingusedinthecompany.
CommunitiesthatlivenearPlantsorPipelines
InareaslikeBatonRougewhereExxonMobilhasfourplantsandcontributed$144
milliontotaxesinthestateandemployednearlysixthousandpeopleinLouisiana,communities
wouldbeveryinterestedtoknowwhatthecompanyisdoingandcanbeverygoodsupportersof
thecompany(Young,2014).However,inareaslikeMayflower,Arkansaswhereapipelineburst
andcaused22familiestomoveoutoftheirhomesinasubdivision,communitiesmightnotlike
ExxonMobilandhaveplentytosayaboutit(AssociatedPress,2014).Incommunitieswhere
ExxonMobilhasplanstobuildplantsinthefuture,morelocalcitizenswouldbegreatly
interestedinthecompanyandwanttoknowhowwellthecompanydoesandhowitrunsand
operates.
LocalGovernments
Localgovernmentswhereplantsarelocatedcanbevastlydifferentdependingonthe
area,somemaybewealthierthanothers.HoweveranExxonMobilplantcanreallyhelpboostan
economy.Notonlydoestheplantprovidejobsintheareabutalsoarerecipientsoftaxesthatthe
companypaysperyear.Forexample,ExxonMobilhasbegunbuildinganewplantinHouston
Texasandhasbeenverywellreceivedbythesurroundingarea.Ithasalreadycreated2,500jobs
andwillcontinuetocreatemoreasthecampusgrows(HoustonChronicle,2014).Local
governmentswouldbeveryinterestedinthecompanysinceitisabigeconomiccontributor,as
wellasbeinginterestedinitsconstituentswhoarealsointerested.

Investors/stockholders
With1,890differentinstitutionsholdingsharesinthecompanythispublichasthe
potentialtobegreatlydiversified(Finance,2014).However,allhaveaninterestinthewellbeing
ofthecompany.Ifacompanylooksbadinthepublicseye,stockgoesdown.Stockholdersare
moreinterestedinhowthecompanyisviewedratherthanhowmuchtheexecutivesaregetting
paid.Stockholdersarebeingpressuredtovoteagainsttheexecutivespayincrease.

SituationAnalysis
ExxonMobilisaverylargeoilcompanywhichhappenstobethelargestoilcompanyin
theUnitedStates.ExxonMobilisalsoagrowingcompanythatcontinuestobuildnewfacilities
withintheUSandworldwideandhirenewemployeesforthosefacilities.Thecompanyisstill
veryprofitableandworthmorethan$400billion.ThepublicgenerallyviewsExxonMobilasan
untrustworthycompanywhichiscommonforverylargecompanies.
Onedifficultythatthecompanyfacesisthepublicsnegativeopinions,aswellas
possiblemisconceptionsthepublicandstockholdershavewiththecompensationofexecutives.
ExxonMobilalsodoesntdoalotofpublicrelations.Thecompanydoesntpromoteallthegood
thattheyaredoingwhichdoesnthelptoswaytheopinionofthepublics.Apossibleapproachto
theproblemwouldbetopromotethegoodthatExxonMobildoesmorefrequently.Itwouldalso
beagoodideatobemoreaccessibleandtransparentwhileopeningupcommunicationwith
investors.
CoreProblem/Opportunity
IfExxonMobildoesnotstartcommunicatingwiththeirkeypublicsaboutexecutivepay,then
shareholdersupportforcompensationwillcontinuetodecline.

SuggestedSolution
Webelievethatitwouldbeinthecompanysbestinteresttotoopenupconversationwith
shareholderstohelpthemhaveabetterunderstandingofwhytheexecutivesaregettingpaidwhatthey
aregettingpaid.ItisalsoagreatideatoconstantlybestrivingtohaveExxonMobilinthemediathrougha
positivelightsoanythinggoodtheydofortheenvironment,theeconomy,orcommunitiesshouldbe
focusedoninthemediaandpressreleasesshouldbewrittenaboutit.Ifdifferentpublicscanseethegood
thatExxonMobildoesthenhopefullythepublicperceptionofthecompanywillchangeandlesspeople
willbeconcernedaboutwhytheexecutivesaregettingpaidsomuch.

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