4 ms·
Vice Ran Out of Money (For Everyone Except Its Executives)
- JimtheCoder 3y agoI am shocked. How could this happen?
- rwmj 3y agoA useful reminder that salaries are about power, not value.
- MichaelZuo 3y agoCorporate decision making power is value in a certain sense.
- rngname22 3y agoIncredibly common for the most well paid people to be the most clueless. Why? Because the people hiring them are also clueless.
- boeingUH60 3y agoChairman Shane Smith earned $1.6 million annually [1]. I don't think anyone should be shocked here.. 1- https://www.businessinsider.com/shane-smith-divorce-vice-salary-stock-holdings-company-sale-2022-8?r=US&IR=T https://www.businessinsider.com/shane-smith-divorce-vice-sal...
- willcipriano 3y agoA tale as old as time. Business does well: This was the result of the executive teams hard work and they must be rewarded. Business does poorly: Something, something, macroeconomic headwinds, the executive team must be exhausted answering questions about the businesses poor performance, let's get them a bonus.
- zpeti 3y agoSort of. Shareholders can also sue you if it's obvious you're the one who really screwed up, especially if you are taking massive salaries. So there is quite a large risk in your "business does poorly" version.
- tyg13 3y agoIsn't that only for publicly-traded companies? Vice Media is a private LLC.
- StopHammoTime 3y agoNope you still have a fiduciary responsibility to operate the business to the best of your ability while keeping it viable. This guarantee is made to the shareholders. Difference is that most private companies are also owned by the people who run out of business so they can’t sue themselves.
- nine_zeros 3y agoSo the actual producers of output don't get all the money? Shocked, I tell ya!
- RcouF1uZ4gsC 3y agoSeems similar to Mozilla. Shrinking browser share. Layoffs. But executives still getting paid good.
- hulitu 3y agoThey are the ones keeping the Mozilla Foundation alive. /s
- renewiltord 3y agoInteresting article. Goes something like "We didn't get the severance we're due because the execs were paying themselves quite well and literally bankrupted the company. Also I didn't get Indigenous People's Day off." The severity of these two things is a bit different.
- spicebox 3y ago“Chief People Officer Daisy Auger-Dominguez, who wrote a book on the workplace "inclusion revolution" but refused to give workers Indigenous Peoples Day off after Juneteenth made it onto the official company calendar for the first time” I feel like in context it’s clear that they more trying to point out the irony in someone wrote a book on inclusion in the workplace refusing to give workers indigenous people’s day off
- cvccvroomvroom 3y agoVice died when it moved headquarters and its founders drank the hubris KoolAid without realizing they were dooming themselves and squandering their past hungry struggles. Even Bill Maher walked away.
- smabie 3y agoThese salaries for executives really don't seem that high? I mean that said the business wasn't doing well and the executives presumably weren't doing an awesome job.