So John Sculley is laying off employees because he made a mistake in pricing the computers, "Apple Lays Off 900; CEO Takes Pay Cut of 15%" (June 21).
The employees are paying for his mistake, while he goes laughing to the bank with his stock options. He has a salary of $2.2 million plus a bonus package of $14 million from a stock plan. He volunteered to take a 15% pay cut. Spare me the heroics.
Are all these layoffs necessary? If each employee makes an average of $50,000 and we multiply that by 900, that comes out to $45 million.
Is that enough to rehire all the employees? Maybe not, but it helps. After all, if Mr. Sculley were to sacrifice his bonus package, he could retain ($14 million divided by $50,000) 280 employees!