How do you punish a CEO when his company loses over half a billion dollars? Well, if you’re Mattel you pay him an obscene amount.
“[Mattel, Inc. CEO] Ynon Kreiz took the top job at the California-based toy manufacturing company in June 2017 – and Mattel’s financial performance has been lackluster since. The company’s revenue has declined each year since at least 2016, which was the last time the company’s had a profitable year. Over the course of Kreiz’s tenure, the company’s share price has dipped by over a third.”
His income? $18.7 million, which is 3,400 times the average Mattel employee pay.
78% of the company’s workers are located outside the US and earn an average salary of $5,489.
Despite the lavish CEO pay and the poverty wages of workers, the company managed to lose $531 million last year.
For a list of CEOs who make at least 1,000 times the average pay of employees, visit USA Today here.