Shareholders Talk, And Fairchild Listens
Stockholder complaints about sky-high executive pay often fall on deaf ears, but not at Fairchild. The aerospace company, based in Chantilly, Va., recently settled a shareholder suit by agreeing to reduce CEO Jeffrey Steiner's $19.3 million annual compensation package. Under the pact, Fairchild has cut Steiner's $1.4 million salary by $250,000, canceled his options for 50,000 shares, and nixed new option grants until 1993 and raises until 1996.
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