With help from governance specialists Glass, Lewis & Co. LLC, we nominate Wilfred J. Corrigan, the semiconductor trade’s eminence grise, for a relaxing retirement.
CEO: Wilfred J. Corrigan
Tenure: 24 years
Total Shareholder Return*: -83.43%
Peer Index Return*: -38.5%
S&P 500 Index Return*: -16.9%
Total CEO Pay*: $7.2 million
You’d think Corrigan — after 24 years at the helm — could better deal with the chip industry’s cyclicality. In October, LSI Logic said it would trim 11% of its workforce after a $282 million net quarterly loss. Three months earlier, it had projected a stronger second half. LSI says its DVD-recorder processors will drive growth. But for two years running, the company has made the Council of Institutional Investors’ Focus List of 25 underperformers.
*Data from Glass, Lewis & Co. and FactSet Research Systems for five years ending December 3, 2004.