Who is Tom Monaghan?
Is he the four-year-old kid whose father died on Christmas Eve and whose mother sent him to an orphanage and then a juvenile detention home?
Is he the entrepreneurial genius who built Domino's Pizza from a hole-in-the-wall pizzeria in Michigan into an American brand as world-conquering as Ford or Coke?
Is he the religious visionary who sold Domino's for $1 billion to create an orthodox Catholic university, law school, and special interest law firm with the goal of transforming America to reflect his conservative values?
He's all that and more. With extensive interviews with friends and enemies plus unprecedented access to the man himself, but wholly without his authorization, Living the Faith illuminates Tom Monaghan, the man and the myth.
Living the Faith is the much-needed, definitive biography of one of the most fascinating and controversial figures in the realms of American business and religion. Through eighteen hard-boiled chapters, journalist James Leonard follows Monaghan on his path from a heartbroken kid who climbed into his father's coffin to the business tycoon who purchased the world-champion Detroit Tigers and spent a fortune on his own air force, navy, and island to the religious visionary who founded a university to make saints and a public interest law firm to overturn evolution.
A sympathetic but critical perspective of the man and his works, this book is for believers, nonbelievers, and agnostics; for conservatives, liberals, and independents; for the rich, the poor, and the shrinking middle class. Mainly, however, this book is for those who want the facts about Tom Monaghan---and the truth about the effect religion had on one man and the effect that man had on the world.
The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders.
Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives.
This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.
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