Tag: bosses

  • One of the nation’s most powerful Democratic bosses is stepping aside

    One of the nation’s most powerful Democratic bosses is stepping aside

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    Norcross says he was “involuntarily pushed to a different place” and has been “sitting in the backseat” ever since. After thinking through his future, Norcross says he’s ready to dramatically scale back his political activities and shift his focus to other professional and personal interests.

    “We had a great run for almost 25 years,” he said in an exclusive interview with POLITICO. “And now it’s time for others to lead the party.”

    It is a ground-shifting moment in New Jersey politics — one that could reshape the state’s Democratic Party and change the way things get done in Trenton. His decision also has implications for Democrats nationally because he has been a key behind-the-scenes player in fundraising and recruitment.

    There are few people left in American politics quite like Norcross, who often blurred partisan lines and relished his leading role in the state’s ruthless political world. He dealt directly with governors and became a key ally to former Gov. Chris Christie, allowing the Republican to muscle his legislative priorities through a Democratic-led Legislature loaded with Norcross loyalists.

    Norcross raised money for his brother from former House Speaker Nancy Pelosi and drew a visit to Camden from former President Barack Obama — yet he celebrated New Year’s at former President Donald Trump’s Mar-a-Lago, where he was a member.

    The legislative defeats in 2021 marked a critical deceleration point for Norcross’ famed South Jersey machine.

    After Sweeney lost his perch as the second-most powerful elected official in New Jersey, he was kicked off a redistricting commission that could have strengthened the congressional district of Rep. Donald Norcross, George Norcross’ brother. Earlier this year, George Norcross got into a dispute with Sweeney’s successor, state Sen. Nick Scutari, over campaign spending that ended in insults. And a super PAC linked to Norcross reported raising no money in the first quarter of this year despite legislative elections in November.

    A decade earlier, Norcross found a somewhat unlikely ally in Christie. The Republican’s eight years in office were arguably the height of Norcross’ power.

    Christie, Norcross and Sweeney effectively ran New Jersey, rolling back pension and health benefits for public employees, passing measures meant to cut taxes, overhauling the Camden police force and shepherding programs focused on revitalizing the city, once one of the poorest and most dangerous in America.

    By many measures, those efforts in Camden have paid off.

    The new Camden County police force has been held up as a model for other agencies, with lower rates of murder and violent crime in the decade since its realignment and Obama visiting Camden to tout the city’s progress. Cooper University Hospital, where Norcross is chair of the board of trustees, was close to bankruptcy two decades ago but announced plans last year for a $2 billion expansion. The hospital also received an ‘A’ grade this week for safety by The Leapfrog Group.

    Though he has come under intense scrutiny over tax breaks paid to Camden businesses with which he has ties, including Cooper, Norcross has defended the use of corporate incentives as critical investments to rejuvenate the area.

    “The results have proven themselves,” he said. “So we’re very proud of everything we’ve done.”

    But Norcross said he spends about 90 percent of his time outside of New Jersey — he is officially a resident of Florida now — and is consumed by work for Cooper and the insurance firm he leads, Conner Strong & Buckelew. Between that and some leisure activities, such as golf and tennis, he said, “it leaves me not a whole lot of time” to focus on politics.

    “When you’ve been doing this for so many years like I have, and you have this kind of devastating loss — there’s no other way to describe it — you find yourself probably a little less enthused,” he said.

    Norcross would, however, support Sweeney if he runs for governor in 2025.

    Sweeney has made no secret of his desire to run, but his path back to the state capitol looks increasingly limited given the shifting power dynamics within the Democratic Party and the early candidacy of Jersey City Mayor Steven Fulop, a leading Democratic contender.

    Norcross acknowledged the reordered landscape, saying state party Chair LeRoy J. Jones Jr. and Middlesex County Chair Kevin McCabe “are the Democratic Party leaders in the state of New Jersey, without a doubt.”

    But Sweeney is like family to Norcross, so if he runs for governor, “I will do whatever he asks me to do,” Norcross said.

    “It remains to be seen where that goes,” he said. “A lot can play out.”

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    #nations #powerful #Democratic #bosses #stepping
    ( With inputs from : www.politico.com )

  • India Inc bosses to get 9.1% pay hike, average CEO compensation now Rs 8.4 cr

    India Inc bosses to get 9.1% pay hike, average CEO compensation now Rs 8.4 cr

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    New Delhi: Amid widespread layoffs, top Indian CEOs and senior executives are set for an average 9.1 percent salary hike in 2023 and average CEO compensation has gone up 21 percent over the past four years to Rs 8.4 crore now, a study showed on Monday.

    The study found that among the Bombay Stock Exchange’s (BSE) top 30 companies, long-term incentive (LTI) is provided at 176 percent of fixed pay for CEOs and at 103 percent for other c-level executives, including the chief operating officer, chief financial officer, sales leader and chief human resources officer.

    The average LTI amount for CEOs for the same set of organizations is Rs 10 crore, according to the study by Aon, a leading global professional services firm that analysed data across 519 companies from more than 25 industries.

    Within Pay at Risk — the sum of variable pay and long-term incentives (LTI) for total compensation — the component of LTI has increased to 40 percent of the total compensation as of now, up from 26 percent in 2015-16.

    “In a rapidly evolving, volatile business environment, organizations seek to adopt executive pay programmes that drive the right behaviours, are cost effective and contribute to long-term business results,” said Nitin Sethi, CEO, Human Capital Solutions, India and South Asia at Aon.

    For the Board and senior managerial positions, one in three organizations are focusing on improving diversity levels.

    As part of an accelerated effort, boards are embedding environmental, social and governance (ESG) factors, diversity and succession metrics in the long-term and short-term goals for CEOs and executive leaders, the study noted.

    Compensation, and its related governance, continues to be an important issue for employers as they strive to build and maintain a resilient workforce.

    “With rising shareholder activism, pay governance has become a key focus area for India Inc. As a result, organizations are updating their ‘Malus clauses’ that are additional checks before vesting of long-term executive incentives — particularly in cases of material financial restatement,” said Pritish Gandhi, director and practice leader of the Executive Compensation and Governance Practice in India at Aon.

    Malus clauses allow a company to reduce or cancel a senior executive’s bonus or share award before it has been paid out.

    “At the same time, clawback clauses which allow organisations to retrieve past pay-outs under exigent circumstances of fraud and misconduct are also being applied for a duration of three to five years, as organisations design their 2023 executive compensation programmes,” Gandhi elaborated.

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    #India #bosses #pay #hike #average #CEO #compensation

    ( With inputs from www.siasat.com )

  • ‘Should I keep working hard?’: Google layoff survivors ask top bosses

    ‘Should I keep working hard?’: Google layoff survivors ask top bosses

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    New York: Employees, who survived the recent layoffs at Google, are worried and have demanded assurances that their jobs are not next to be axed by the company during a recent all-hands meeting with top bosses.

    As Google’s parent company Alphabet chopped six per cent of its workforce globally, an employee based in the UK told management that “psychological safety is paramount”, the New York Post reported.

    The employee, who had trouble processing the news like many of his colleagues, said: “How are we supposed to ever feel safe again?”

    According to the report, most of the 12,000 people, including Indians, axed by the tech giant were high performers and people on immigration visas.

    The professionals with an H-1B visa will have to leave the country in 60 days if they are unable to find another alternative to sustain.

    “Should I keep working super hard? Does it matter?” another employee wondered.

    Among those who were handed pink slips were employees who “had previously received high performance reviews” or had annual compensation packages of $500,000 to $1 million.

    “The layoffs seem random,” one employee wrote in a question that was submitted to top Google executives via the company’s internal messaging system, the Post reported.

    Denying that the layoffs were done “randomly”, Alphabet and Google CEO Sundar Pichai had said earlier that he is “deeply sorry” for reducing the workforce.

    In an email to employees, Pichai said he takes “full responsibility for the decisions that led us here”.

    In the US, Google will pay employees during the full notification period (minimum 60 days) and also offer a severance package starting at 16 weeks salary, plus two weeks for every additional year at Google, and accelerate at least 16 weeks of GSU (Google stock) vesting.

    The layoffs at Google’s parent company were expected amid the deepening funding winter that has hit companies of all sizes in the global slowdown and recession fears.

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    #working #hard #Google #layoff #survivors #top #bosses

    ( With inputs from www.siasat.com )