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Do you get what you pay for? Compensation of new CEOs hired in turnaround situations

Author: Chen, Guoli INSEAD Area: StrategyIn: Academy of Management Proceedings, 2009 Language: EnglishDescription: p. 1-6.Type of document: INSEAD ArticleNote: Please ask us for this itemAbstract: This paper investigates the initial compensation package of new CEOs hired in turnaround situations. I find that firms in turnaround situations pay their new CEOs more than do comparable firms that are not in turnaround situations, and that they tend to use a higher percentage of stock-based pay. Such relations are stronger for externally appointed CEOs. In addition, higher pay attracts talented executives who are more capable, experienced, and well connected to acquire critical resources, and who will thus improve post-succession performance
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INSEAD Article Europe Campus
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This paper investigates the initial compensation package of new CEOs hired in turnaround situations. I find that firms in turnaround situations pay their new CEOs more than do comparable firms that are not in turnaround situations, and that they tend to use a higher percentage of stock-based pay. Such relations are stronger for externally appointed CEOs. In addition, higher pay attracts talented executives who are more capable, experienced, and well connected to acquire critical resources, and who will thus improve post-succession performance

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