Chicago 2009: Hyundai CEO Krafcik calls on auto industry to set example with reform
That's just one small part of the problem, though. Krafcik acknowledged that the industry as a whole is seen as slow and unresponsive as well as wasteful. He called on voluntary limits to executive compensation that are tied to some multiple of what the average worker gets paid. "What if our industry was the first to exercise a more inclusive form of capitalism that voluntarily restrained executive compensation to a reasonable multiple of average employee salary? And what if our industry adopted a uniform code of conduct regarding gifts, meals and business entertainment?"
Krakcik wants his industry to be more modest and humble. Instead of fighting everything that needs to be done, he believes the auto industry must take the lead in re-shaping corporate America.
[Source: Automotive News - sub. req'd]
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