John Riccitiello, CEO of Unity, the company whose 3D game engine had recently seen backlash from developers over proposed fee structures, will retire as CEO, president, and board chairman at the company, according to a press release issued late on a Monday afternoon, one many observe as a holiday.
Pisses me off that CEOs never get fired for their bullshit and get to “retire” or “resign” like they didn’t just make the most boneheaded decision that severely hurt the company.
There really needs to be some organizational structure where the CEOs have the power to make the decisions they make, but the employees have the power to punish and fire them when they do shit like this. No golden parachutes for them!
You’re saying the workers should own the means of production. Sounds fair to me.
They’re rich people and it’s not considered acceptable to hold rich people accountable in even the most trivial way.
The Rich only suffer under the boots of the evolved form ultra rich
Well, it’s only unacceptable to rich people who have the power to avoid consequences.
CEOs are beholden to the shareholders, not the employees
Employees should be automatic shareholders. Ought to be a workers right by default to receive some portion of the equity they’re producing.
Edit: And to be clear, shareholders win too. More companies should voluntarily structure themselves to grant shareholder rights to employees. Dumbass company ending mistakes are usually seen a long way off by line and rank employees.
But it should also be legally mandated structure, much like 401k rules exist now. I propose that all players involved are better off with such a rule, other than the (not currently rare) asshole CEOs who only want to pump and dump their stock.
They receive money which can be used to buy equity, no? It’s their choice not to. At least in a publicly traded company.
That point aside, I usually do receive stock in the company at jobs I’ve worked. Financial firms.
In a co-operative the shareholders are employees and associated members, and they elect the board.
https://en.wikipedia.org/wiki/Consumers'_co-operative
Not that Unity is a co-operative, but there is another way.
Yes, I understand that’s the current structure. I’m saying there needs to be a new structure where CEOs can’t make greedy decisions with impunity. Clearly the idea that the board is supposed to prevent that doesn’t work because this story is all too common.
deleted by creator
That’s not just CEOs. All employees after a certain point up the ladder have to “put in their resignation” if they are to be fired. It’s a convention that saves face for both parties.
The only way this can be done in a capitalist way, is by distributing exactly one company share for every employee that’s not tradeable at all, flattening the hierarchy completely, and making every decision in a direct democratic way.
Or being a cooperative business.
Profit maximization and personal gain over the many is where cooperation goes to die.
Some small companies can do a good job, and sometimes bigger ones too, but they’ll be crushed by other companies that exploit their employees forcing them to do the same if they want to stay in the business.
wouldn’t an untradeable share just be worthless? give employees stock options
It represents your partial ownership of the company and property
This is actually wrong. There’s a near 100% chance that the decision was made by the board, and also the decision to remove the CEO. So we’re talking about the fall guy, but being an insider, the fall guy will get a tidy sum for the dive
Then the CEO can be recycled to some other project, and a new CEO instated at Unity, so they can pivot or double down with no moral dilemma. In reality, the board was there all along and it’s all a big PR game
Ackshually!
Being fired as CEO essentially black lists you from working. So they get nudged out instead
I mean, some people need to get blacklisted.
Yeah good, being fired from anything above an entry level job gets you blacklisted from similar level positions. It’s the world telling you, you belong at a lower level position.