UNDER ARMOUR LEADS BY EXAMPLE
I knew there was more than one reason why I liked this company so much. Just got a news flash; the CEO of Baltimore based Under Armour cut his pay from $500,000 to $26,000 (ATTENTION Constellation CEO MAYO SHATTUCK). Talk about standing up and showing leadership. This man should be an example to CEO's and other executives everywhere. With their stock currently taking a dip and sales not where expected, the man at the top is doing a little belt tightening.
Reminds me of the great Lee Iacocca, CEO of car maker Chrysler Corp. during the 80's. We once lived in the same small town. I always looked up to and admired him as a symbol and example of leadership. When the company was asking workers to take big paycuts in order to ensure survival of the company, Iacocca led the way. He slashed his CEO salary to $1.00. That's right. ONE DOLLAR. Anything less would have been literally illegal and prohibited, but if he could, he would have.
In what could be a further lesson to CEO's today, Iacocca went a step further. During the turnaround, he asked for one year. If he were not successful in getting the company headed back in the right direction, he gave full permission for him to be fired.
And finally, YES the government did loan them money because they were "too big to fail." Here's the catch though. By making numerous top down revisions and changing the entire way business was done, the company repaid THE LOAN, ahead of schedule.
How about that Mr. Mayo Shattuck!
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