WHEELABRATOR: TAKING STOCK OF CEO ROONEY'S OPTIONS
Beneath the article's heading "If CEO pay makes you sick, don't look at the stock options" (Top of the News, Apr. 13) was a picture of our CEO, Phillip Rooney, accompanied by a figure purporting to be the "current value" for a one-time grant of stock options that Rooney received in 1990 upon his election. What you failed to point out is that Rooney has not "reaped" a single penny of this value and that the terms of his options prevent him from realizing full value until at least 1993. The focus of this article on paper gains relating to unexercised and unvested stock options is an absurd effort to find anything new to say on this heavily reported subject.
Herbert A. Getz
Wheelabrator Technologies Inc.
Oak Brook, Ill.