It's a good point, and that Forbes story included several real-world examples of CEOs whose options packages grew by millions of dollars even as their company share price trailed the S&P by 10, 20, even 30 percent. "All kinds of companies have hurt their investors," Crowe complained, "yet managements are getting enormous payoffs."
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Lexus, Chasey, Kobe Tai, Racquel Darrian, Kira Kener, Taylor, Christy and Lexus .
Crowe's idea was to tie the exercise price to the S&P 500. If Level 3 shares outperform the index, then the options are worth something. If not, they aren't. (An interesting side effect is that the options could be worth something even if the company's share price fell—provided, of course, that the benchmark was falling even harder at the same time.) Other companies expressed polite interest in the scheme—then of course continued on with what they were doing.
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A lot has changed in the intervening year. If you signed on with Level 3 shortly after that Forbes article, you probably wouldn't be too excited about your options package today—LVLT was flying high back then but has been slaughtered in the last 12 months and, as it happens, positively crushed by the S&P over that period (even though the S&P has not exactly been the turbo-charged benchmark of the recent past).
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