What It Takes to Earn the Big Bucks

Wednesday, January 17, 2007

What It Takes to Earn the Big Bucks

Apparently, earning the obscene pay of a CEO sometimes requires obscene behavior. According to Reuters:
Jean Pierson, the colorful Frenchman who built Airbus into Boeing Co.'s biggest competitor, dropped his trousers to seal a key U.S. plane order in 1997, according to a book to be published on Tuesday.

The bizarre tactic worked, and the resulting order helped Airbus take on Boeing in its own backyard, setting up the biggest rivalry in global business, according to "Boeing versus Airbus," by former New Yorker magazine writer John Newhouse.

Pierson, who ran Airbus from 1985 to 1998, was at US Airways' headquarters for what he thought would be a short meeting to tie up a 400-plane deal, the anecdote runs.

At the last minute, US Airways' then-chairman Stephen Wolf started arguing for a 5 percent discount on the selling price.

"Pierson began slowly lowering his trousers and saying 'I have nothing more to give.' He then allowed the trousers to fall around his ankles," says Newhouse in his book.

Wolf replied: "Pull up your pants. I don't need any more money," and the deal was signed, according to the book.

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