Mitt Romney’s Father: No Exec Needs to Make More Than $1.4 Million Per Year
My, how times have changed.
Here is Mitt Romney’s father, George Romney, in 1960 when he was the CEO of American Motors:
“George Romney, on the other hand, voluntarily turned down $268,000 in pay over five years when he was chief executive, which was equal to about 20 percent of his total pay during that time. In 1960, for example, he refused a $100,000 bonus. Mr. Romney had previously told the company’s board that no executive needed to make more than $225,000 a year (about $1.4 million in today’s dollars), a spokesman for American Motors explained at the time, and the bonus would have put him above that threshold.”
$1.4 million huh? The highest paid CEO in the United States today is John H. Hammergren, who heads McKesson. In 2010, he raked in $145.3 million.