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CEO OF TOP-TEN CONSULTING FIRM TELLS OTHERS TO SHARE FAT AND LEAN TIMES WITH WORKERS

 SAN FRANCISCO, Feb. 15 /PRNewswire/ -- In a speech delivered last week by the president of W F Corroon, one of the top-ten consulting firms specializing in compensation packages, Chief Executive Officer James A. Finkelstein told executives to share fat and lean times with their workers.
 "The current environment -- investors outrages about executive compensation -- is going to get worse before it gets better," said Finkelstein. "There's a crisis of confidence in executive leadership and an unrealistic focus on 'administrivia': paring downsizing and 'rightsizing' to solve problems. What happened to strategic planning?"
 Finkelstein called for more egalitarian and a new breed of partnership among executives, management and workers to foster a "we're all in this together" culture.
 He identified a major problem in "stratified:" executives who are isolated from working staff and suggested holding the compensation committees of company board of directors accountable for executive pay packages. According to Finkelstein, the average retainer for a board member of a major company is $40,000 a year plus stock options.
 Asked about recent cuts at Bank of America, Finkelstein said he thought the cuts were unfair and "demoralizing to employees and customers." He questioned what was being done by the executive wing to help reduce the perceived deficit at the bank. He also said he'd like to know what happened to those who made the mistakes of hiring people they had to let go very soon afterward.
 Finkelstein cited as models of a more egalitarian pay scale the companies PepsiCo and Microsoft and a Southern California utility where eight percent of the company is owned by workers.
 He stressed linking executive compensation to performance, adding that presidents of small businesses often don't pay themselves if things get tough. This lesson, he said, has been forgotten in bigger companies.
 The Securities and Exchange Commission has released a proposed proxy reform package for 1993 with regulations addressing compensation and employee benefit programs that asks for more disclosure of top executive pay.
 -0- 2/15/93
 /NOTE TO EDITORS: To receive by fax the full text of the speech, call 800-753-0352, ext. 705./
 /CONTACT: Susan Banashek of Banashek & Company, 415-989-5116, for W F Corroon/


CO: W F Corroon ST: California IN: SU:

TM-BM -- SF001 -- 6535 02/15/93 12:32 EST
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Date:Feb 15, 1993
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