Jack Welch is a legend
you can find many examples of companies that have lost market value in the previous year or few quarters and he CEOs compensation still gets raised
Michael Ovitz at Disney is the first example that comes to mind
I am a firm believer that compensation should be tied to the company performance. There are actually quite a few examples of companies whose stock went down to where the options went underwater, then the board lowered the Ceos option price.
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