Essay Jim Hightower

Pandemic Is Bringing Out the Worst in Our CEOs

Last year, CEOs signed a pledge to be better corporate citizens. Then the pandemic hit.
Arne Sorenson, CEO of Marriott International. [World Travel & Tourism Council / CC BY 2.0]

By Jim Hightower / OtherWords

As horrible as the COVID-19 crisis is, it has brought out the best in the American people — the selflessness of front-line nurses and doctors, for example, as well as the generous community spirit of local food businesses.

But it has also amplified one of the worst flaws in our society, namely the “me-first” greed of corporate chieftains.

Last year, we were told that a new, more democratic corporate ethic was emerging. The CEOs of 181 big-name giants signed a public pledge to run their corporations not solely to maximize shareholder profits, but also to benefit workers, communities, and other economic “stakeholders.”

Then, only five months later, the pandemic hit, profits dropped, and the new magnanimous spirit of togetherness vanished from those corporate board rooms.

Immediately, masses of their workers were punted out the door, health benefits were coldly terminated just when they were needed the most, and the pledge to serve the common good went into the shredder.

Well, retorted such pledge-signers as Arne Sorenson, CEO of the Marriott hotel empire, revenues are drying up, so all promises are negated. In a March video message dispatching most of Marriott’s employees, Sorenson cluelessly added this insult to their injury: “I wish you good health and a sense of optimism.”

A couple of weeks later, however, workers learned that while Marriott was cutting off their paychecks, it had doled out $160 million to its rich shareholders, a group that includes Sorenson.

In fairness, Sorenson did say he’ll forego some of his million-dollar salary this year. But that’s a disingenuous show of solidarity, since he also gets around $11 million a year in incentive pay and other compensation.

And, while workers are now consigned to the unemployment line, Sorenson is in line for a 7.7 percent pay hike next year, plus a multimillion-dollar cash bonus.

Goes to show what a pledge from America’s CEOs is worth.

Jim Hightower
Jim Hightower

OtherWords columnist Jim Hightower is a radio commentator, writer, and public speaker.

3 comments

  1. sociological phantasy—-amerikans have become vastly more narcissistic since Sennet and Lasch described them as “inner directed, self loathing narcissist in the 1970’s—40% more in 2 decades (Sarah Konrath–2019)….Twenge 2017 finds that amerikans under 35 r 30-40% more narcissistic than 2 decades ago—less happy/less money, more passive, less prepared for adulthood (half live w their parents, others peers, more alienated (now clutching mobile phones like girlfriends), more tolerant…in Twenge/Campbell’s ‘The Narcissism Epidemic’ they observe that amerikans r devoid of empathy—as does Konrath

    1. I think we would get more out of your posts Yuri if you would take a little more time on self-editing, and not scattershot similar comments on every post. The comments section is an experiment and mechanisms will be improved soon, but whatever direction it goes, the emphasis will lean toward the benefit to the casual visitor to the site, not for the commenters themselves.

  2. On “bring out the best in people,” when was the last time you heard a word about the masses already in poverty, homeless? All those who aren’t buying masks and “just staying home?” Right. People just prefer not to see the evil that we have become.

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