Why is it so hard to figure out that certain executives command a certain pay? If Wamu paid less, they wouldn't get the guy they are looking for. It's supply and demand. There are a certain number of top executives when it comes to these searches. Just like top athletes or actors. It's not like these Boards are arbitrarily picking someone from the mail room and giving them $19m.
It's more like they are arbitrarily picking someone from their circle of friends at the country club and giving them 'reasonable compensation'.
Beyond that the board wants to reassure themselves that they are making good decisions, consequently they can justify a slightly larger payday for the new CEO on the grounds that since they are such fine people they have hired an above average CEO and should pay him slightly more than the median compensation for Executives in comparable companies...
Acting like Fishman was appointed CEO just because he was a friend of the board is completely false.
He was preivously the CEO of two other banks: Sovereign Bank and Independence Community Bank. He has 25+ years experience as a senior executive in banking.
