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.
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.
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