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To: Gottfried who wrote (1689)	4/14/1999 7:00:00 AM
From: LK2	Read Replies (1) of 2025

*OT*GM, speaking of >horrendous experience<, getting fired isn't always that bad. Frank Biondi was first twice in the last 3 years. The first time he got about $50 million in severance pay. The second time he only got $25 million. From a Wall Street Journal report. For Personal Use Only >>>>>>>>>>>>>>>>>>>>>>>>>> April 8, 1999 Special Report: Executive Pay Predicting Pay Frank Biondi Jr., Former CEO Entertainment-industry veteran Frank Biondi Jr. thinks the idea of linking individual performance more closely with pay is a nice idea. Ditto for heightened institutional-investor influence. But "that's all in theory," he says. Mr. Biondi, fired as chairman and chief executive of Seagram Co.'s Universal Studios in November, is starting an investment partnership that will invest primarily in media companies. He collected $25 million in severance from Seagram -- and nearly $50 million in severance when he was forced out as CEO of Viacom Inc. in 1996. In Mr. Biondi's crystal ball, executive pay in 2009 won't look much different than in 1999. He expects the market will remain the best proxy for performance -- and executives will still exert tremendous leverage in determining their pay and perquisites. Companies no longer will bother to pay for affordable country-club memberships. But, he says, "people will still bargain for private jets." He knows a lot about extraordinary perks: Universal installed a movie-screening room in his home last year that cost the movie studio nearly $1.8 million. (The company hasn't decided whether to dismantle it.) Mr. Biondi doesn't anticipate an investor fuss over rising executive pay as long as their shares perform well. He believes investors will get somewhat agitated in a slower market but will support top-dollar pay for a superstar CEO so long as that company's share price holds steady. Copyright © 1999 Dow Jones & Company, Inc. All Rights Reserved. <<<<<<<<<<<<<<<<<<<<<<<<<<<<

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