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February 2, 2023

Accounting News Roundup: CEO Pay Disclosures and ‘This is not an Excel spreadsheet calculation.’ | 02.21.18

Honeywell CEO’s 2017 Pay Is 333 Times More Than Median Worker’s [Bloomberg]
Honeywell is the first company to disclose its CEO-to-median employee ratio. Darius Adamczyk earned $16.5 million last year. Honeywell’s median employee was paid $50,296.

West Virginia Ousts Film Tax Credit [BNA]
The Mountain State shelled out $15 million in credits, but an audit revealed that it realized only $6.1 million in economic stimulus over 10 years. Not too good, man.

New York firm opens online tax prep business [AT]
“What, another Turbo Tax?” you might ask. Oh, no. Henry.tax is something different and it has a cutesy acronym to prove it: “It’s aimed at what [CEO Michael Chen] calls HENRYs, ‘high earning, not rich yet’ clients.”

The WeWork Manifesto: First, Office Space. Next, the World [NYT]
I’m mostly sharing this longread about WeWork so you can appreciate the blather from the CEO and co-founder, Adam Neumann, but also other people’s interpretation of it: “This is not an Excel spreadsheet calculation. [Neumann] believes there’s an energy behind the brand, and he’s gotten people to invest at that valuation. He has not tried to explain it in traditional financial terms.”

Previously, on Going Concern…

From the archives: Ex-KPMG Partner Is the King of Everyone in New Orleans Getting Totally Hammered Today

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