Many companies employ relatives of cadres and leaders
Many corporate executives love to compare their firms to a family. But in certain public enterprises Bay Area, it is literally true.
Franklin Resources San Mateo, the fourth largest nation fund business investment, promote Greg Johnson in January Co-Chief Executive, the successor to his father Charles, remains chairman of the board of directors. Greg’s sister, Jennifer Bolt, is the company’s Chief Information Officer and Senior Vice President. A third brother, has served as president of a company until recently. And two of his uncles serve on the Board of Directors.
PeopleSoft Chief Executive Craig recruited Conway’s as a brother, Vice President of Corporate Marketing at Business softwaremaker Pleasanton, participation of the presidents son and daughter-in-law in the payroll list of the company is exposed last year. Combined, the three parents earned more than $ 1 million in 2003.
And Robert Mondavi Corp., the famous producer of wine from Napa Valley, said three of its best paid Five leaders are members of the Mondavi family. These include Robert Mondavi, 90 years, founder and patriarch of the family, who are no longer respected committee meetings; Mondavi was paid $ 450000 last year as honorary president. Two of his children, to serve the council was paid $ 1.3 million, plus stock options with a value of perhaps millions of dollars more.
In total, it is clear that the review of public submissions by more than 100 of the largest public Bay Area ties, the chronicle shows that more than a dozen employees of the parents of a director or officer. And experts say the total could be much higher, since some companies, including PG & E and PeopleSoft, to be a failure, practices this year to at least some of their annual submissions with the Securities and Exchange Commission, perhaps in violation of the Confederation.
Corporate function as guardian of the rule on froncement of public enterprises, rental of parents, they say smell of nepotism. And some companies prohibit it completely. But other pressure groups the most talented of the arrivals workers - even if it happens, the CEO’s son or daughter. And experts say there is no conclusive study showing that the attitude of parents suffering the bottom line.Common in private enterprises.
Arrivals family members, of course, has long been in private companies, which have traditionally tried founder, along family farms to their descendants.