This article originally appeared September 6, 2013, on Real Money. To read more content like this, + see inside Jim Cramer's multi-million dollar portfolio for FREE Click Here NOW.
Bottom line: wage growth was abysmal for the umpteenth time in August. You know one part of the employment market where it's not horrifically weak? CEO land!
In case you have been in bear-like hibernation, there are a host of top gigs open, all of them offering seven-figure annual salaries and assorted perks that go quietly housed in the proxy statement. The role of CEO, however, is evolving once again right, and you need to be aware of how that is so if you have money at risk in a company looking for a strategy-setter.
A CEO's job used to be rather cushy. Sit on the highest floor at HQ miles away from the laborers driving the business, attend strategy meetings and then look forward to cashing in on the earnings per share growth target-related bonus each year of the three-year contract period. Newsflash: it's no longer 1985! The individual now looking to either be promoted to a 2014 CEO from inside a company, or wooed from the outside, must embrace a new school set of rules.That rule list becomes acutely important to follow if assuming the role at a larger, global company that is probably too fat. That would be a company built through the years by failed strategies of managers now collecting retirement checks and enjoying Bloody Marys on Bermuda sand. Three Things Done Wrong by the CEO Stories of 2013 1. Living in the past, and not listening to the marketplace. Companies: Microsoft, Toys R Us Microsoft (MSFT - Get Report): Married to the PC cash cow, now forced to play catch up in mobile via much overvalued acquisitions. Toys R 'Us: Has not moved quickly enough to exit stores, mobile strategy is looking woefully inadequate relative to Target (TGT - Get Report): and Wal-Mart (WMT - Get Report) -- both of which now have tech offices in Silicon Valley. 2. Overhyping the business' potential successes, which on the Street is a recipe for a stock price disaster. Companies: J.C. Penney (JCP - Get Report), Electronic Arts (EA) J.C. Penney: Hyped that it was the department store of the future, but forgot it takes money to build things and its customers make under $30,000 a year. Electronic Arts: Former CEO often touted mobile potential, but consistently released subpar console games and didn't restructure the business fast enough. 3. Blaming others/external conditions for not getting the job done. Companies: Microsoft, JC Penney, Electronic Arts