By George Anderson
According to the United Food and Commercial Workers Union (UFCW), the average grocery worker in the Puget Sound area makes $18,000 a year.
The amount paid to the chief executive of Albertsons, Larry Johnston, is considerably more -- 911 times more to be exact, reports the Seattle Times.
Mr. Johnston was among the executives included in a piece on chief executives' compensation in the area.
According to the report, Mr. Johnston earned $3.3 million in salary and bonuses last year. He has also benefited from a restricted stock program since taking over the helm of Albertsons in 2001.
Nationally, chief executives of major corporations make approximately 300 times that of the average worker, according to Business Week's compensation survey.
Moderator's Comment: Does an executive's compensation have an impact on the morale and performance of company employees? Are retailers (union and non-union) setting themselves up for major labor strife because of the perceived disparity in compensation paid to top executives and rank and file employees?
We did find fault with the Seattle Times piece for creating the perception, (based on our reading), that somehow Larry Johnston was profiting while others in the company were suffering because of the reorganization he has led. In many cases, the chain was smart to leave markets and reduce headcount. The fact that so many have lost jobs since he took over should not be connected to any problems someone might have with Mr. Johnston's comp package. - George Anderson - Moderator