Being a CEO of a major company has its perks. You get to make the big decisions. You get treated like royalty when you go out. You also get a big fat paycheck, but how much is too much? Should you be able to earn more your company is worth? This is the question many are asking about Scott Scherr, the CEO of Ultimate Software Group Inc[NASDAQ:ULTI]., whose salary has more than doubled in the past few years to a whopping $38.3 million. Is it taboo to earn more on a yearly salary than the profit of the company you work for?
What does Scott Scherr actually do to be deserving of such a hefty bank deposit each year? Well, the answers may surprise you. Ultimate is involved the information management industry tackling Payroll, Human Resources, Talent, and Labor services. Many top companies and entities like Yamaha Corporation of America, Major League Baseball, Pep Boys, Texas Roadhouse, and Adobe Systems Inc., rely on Ultimate as a way to manage their employees and business activities. Glassdoor, a division of Ultimate Software Group which gathers, ratings and reviews of various job aspects looked for by both companies and employees, conducted an employee survey inviting past and currently employed Ultimate workers to rank their CEO. Scott was ranked with an impressive 95% approval rating!
If having the love and respect of his employees isn’t enough of a reason for such generous compensation the love of the company shareholders certainly is! Since 2008 Scherr has driven the shares of his company up by more than 1,000 percent and is expected to continue doing so! While as the saying goes you certainly can’t please everyone, for the majority of clients with stakes invested in Ultimate, business has been good, even if they think the management’s pay scale is tipped a bit too far.
CEO: Scott Scherr
Company Name: Ultimate Software
Headquarters: Weston, FL
Annual Revenue: $591 Million (2015)
Market Cap: $5.8 Billion
Founder: Scott Scherr