In the wake of the Wall Street meltdown, corporate CEO's don't have the best reputation with the American public. I believe it's unfair to lump every CEO into one category, but the court of public opinion is heavily influenced by every news report of a CEO taking the easy way out of a dire situation with a "golden parachute" of compensation.
While many of us live from paycheck to paycheck, it’s infuriating to hear some of the outrageous figures CEOs are earning. That’s why Daniel Amos, the CEO of AFLAC, is being hailed as an exemplary leader. AFLAC's policies, including say on pay, portray Amos as an executive who is in touch with his workers, rather than the stereotypical, money-grabbing character we've become accustomed to visualizing.
Last night, Amos was a guest on Mike Huckabee's weekly TV show on Fox News, and Amos explained why he didn't receive a $13 million dollar bonus. AFLAC uses a “Say on Pay program”, where AFLAC's investors vote on the figure they think the top five executives should earn. AFLAC's reasoning? If times are tough for their employees and investors, times should be tough for them as well. Amos told the USA Today he would refuse any “golden parachute” offer that bCEOs were receiving during the banking crisis last fall.
If they don't think I'm doing a good job, they don't have to worry about paying me off.
Amos' stance is more than a paradigm shift, it’s also a great strategy to bolster AFLAC's image. For all the personal income Amos lost from his possible bonus, he's virtually raised millions more in positive, free publicity from major news coverage.
(3) Thoughts on AFLAC CEO Boosts Company's Image with Humility
It really doesn't speak well at all for Mr. Amos. When your family started and owns the multi-million company you run, there really is no threat of unpaid bills and creditors is there?
Comments by Greg : Tuesday, January 06, 2009 at 01:50 PM
Mr. Amos: I need your help I can't get any help from your company concerning a life insurance policy we have had for ten years. My husband was laid off and we did not know we could keep the policy ourselves until after reading a letter we was sent from your company.We have done every we were asked to do, even sent two checks that has been cashed. Yet now they sat we have to do a reinstatement instead of a re-activation I just don't understand. We have been with Aflac for over 14 years and has had 3 policies with you. Please can you help me. Please Pam
Comments by Pamela Underwood : Tuesday, October 20, 2009 at 06:37 PM
As an insurance agent of 20+ years, I can tell you that AFLAC leaves a lot to be desired. They certainly have become a household name, but there business tactics are short of ethical.
They recruit agents by the thousands; coax them to sign contracts that are definitely not in the agent's best interest; squeeze them for their business contacts to open up accounts to sell their policies; then, dump the agent and steal their account, which is allowed by the contract the agent unknowingly signed.
And, if an agent tries to sue, their contract states that it has to be by arbitration in the good old boy state of Georgia, where AFLAC gets to select two out of the three arbitrators to sway a decision there way.
Agents unknowingly sign off on these contracts when they are being recruited to represent what they believe to be a great company.
Comments by Steve : Sunday, July 18, 2010 at 10:49 AM
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