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American Morning
Minding Your Business: Must You Quit Augusta?
Aired December 10, 2002 - 08:46 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
ANDY SERWER, "FORTUNE" MAGAZINE: Now John Snow, very interesting here, CEO of CSX, the big railroad company. The stock really did not do that well when he was the CEO. I mean, it was only up about 70 percent while he was the CEO. And the overall market, you can see here, was up 224 percent.
Now when Paul O'Neill was CEO of Alcoa, the stock did a lot better than that. This guy got paid about $50 million over the past 12 years while he was CEO, not a bad chunk of change. And very interestingly, Daryn, he was given a $3.3 million payout if he gets a job in Washington.
So in another words, he is sort of anticipating he was going to get a job in Washington to get the $3 million payday.
DARYN KAGAN, CNN ANCHOR: He gets more than $3 million to leave his current job?
SERWER: That's part of the payout that he gets to take this new job.
KAGAN: Must be nice. Around Here, you just kind of get a kick in the pants, thanks for playing. There's another interesting aspect. He's no longer going to be a member at Augusta.
SERWER: That's right, the Augusta National controversy strikes again. John Snow, the CEO of CSX, was a member of Augusta National, the golf club, the all-male golf club that's been under scrutiny because it won't accept women as members. He very quickly last night said I'm out of there, I'm resigning. It's not going to be brought up at the confirmation hearings because I'm no longer a member.
It brings up an interesting point, though, there at least two other public officials who are members, William Ferris, the ambassador to Court of St. James, which is the ambassador to Great Britain, is a political appointee. He's a member and then also Amory Houghton (ph). the congressman from New York. He had said that he anticipates women will become members, but he hasn't come out and said I think women should be members.
And then of course, Daryn, there are all the CEOs of public companies who are members. You have to worry about shareholders there getting upset.
KAGAN: I think that's really the real story. when you get past Tiger Woods. I mean, these are publicly traded companies, and in fact, it's those companies who are paying the membership dues before for those CEOs to belong to that club.
SERWER: A source tells me that one of the newest members of Augusta National is Bill Gates, who is the chairman of Microsoft.
KAGAN: And probably can afford to pay his own fees.
Andy, thank you so much.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired December 10, 2002 - 08:46 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
ANDY SERWER, "FORTUNE" MAGAZINE: Now John Snow, very interesting here, CEO of CSX, the big railroad company. The stock really did not do that well when he was the CEO. I mean, it was only up about 70 percent while he was the CEO. And the overall market, you can see here, was up 224 percent.
Now when Paul O'Neill was CEO of Alcoa, the stock did a lot better than that. This guy got paid about $50 million over the past 12 years while he was CEO, not a bad chunk of change. And very interestingly, Daryn, he was given a $3.3 million payout if he gets a job in Washington.
So in another words, he is sort of anticipating he was going to get a job in Washington to get the $3 million payday.
DARYN KAGAN, CNN ANCHOR: He gets more than $3 million to leave his current job?
SERWER: That's part of the payout that he gets to take this new job.
KAGAN: Must be nice. Around Here, you just kind of get a kick in the pants, thanks for playing. There's another interesting aspect. He's no longer going to be a member at Augusta.
SERWER: That's right, the Augusta National controversy strikes again. John Snow, the CEO of CSX, was a member of Augusta National, the golf club, the all-male golf club that's been under scrutiny because it won't accept women as members. He very quickly last night said I'm out of there, I'm resigning. It's not going to be brought up at the confirmation hearings because I'm no longer a member.
It brings up an interesting point, though, there at least two other public officials who are members, William Ferris, the ambassador to Court of St. James, which is the ambassador to Great Britain, is a political appointee. He's a member and then also Amory Houghton (ph). the congressman from New York. He had said that he anticipates women will become members, but he hasn't come out and said I think women should be members.
And then of course, Daryn, there are all the CEOs of public companies who are members. You have to worry about shareholders there getting upset.
KAGAN: I think that's really the real story. when you get past Tiger Woods. I mean, these are publicly traded companies, and in fact, it's those companies who are paying the membership dues before for those CEOs to belong to that club.
SERWER: A source tells me that one of the newest members of Augusta National is Bill Gates, who is the chairman of Microsoft.
KAGAN: And probably can afford to pay his own fees.
Andy, thank you so much.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
