Who is Peter Lewis? (Billionaire, Founder Progressive Insurance, Major ACLU Contributor)
Media Moniter ^ | December 3, 2003 | Arne Steinberg
Posted on Friday, April 01, 2005 2:41:19 Billionaires Peter Lewis and George Soros have each pledged $10 million to America Coming Together…A billionaire, Lewis is the chairman and chief executive officer of Progressive Corporation, the fourth-largest U.S. personal auto insurer, A leading U. S. business reference manual, Hoover’s Handbook of American Business l999, actually described Lewis in print as “a functioning pot-head.”… His house features an elaborate series of paintings of Chinese communist Mao Tse-tung by Andy Warhol. Lewis has contributed $5 million to the ACLU …
Perhaps the AIG executives might look at Mr. Renwick even though Progressive was contractually obligated to pay him a bonus, he rightfully declined the bonus based on the Company’s performance.
His compensation package isn’t out of line for a CEO of a multi-billion dollar organization. If they turn a profit in 2009, I am sure he will take what is deserved; but when the Company under performs he had enough respect to the Shareholders to withhold payment.
If he is, as you say, looking out for the Shareholders’ interests, then why not take a decline in pay equal in percentage to the under performance of the company portfolio, along with declining the bonus?
That’s if he’s really serious about shouldering the responsibility for the management of the portfolio.
This seems to be more of a PC action by the head of a company founded and controlled by a very progressive liberal.
Who are you kidding? Why does anyone who makes $8,400,000 need a freakin’ bonus in the first place. Does anybody think this man is making a sacrifice? It’s a token gesture to draw attention to Progressive.
I am a staunch Capitalist however this CEO salary/comp thing is way out of line. Unless a person founded the company and worked & toiled year in and year out, these comp packages need to be scaled back. The “average Joe” makes about .001-1% of what these guys are earning. I spent years with a Japanese manufacturer and their CEO’s were paid well, but not obscenely as are their American counterparts. Now these guys are being recognized for not taking a bonus in a year that they should have lost their job based on poor peformance. If he could have gotten away with it, he would have taken it. That company was founded to insure bad drivers/DUI’s/high risk…..sounds like they need to re-evaluate their risk at the top. The way things are going in DC, we are all going to be speaking Chinese by 2020…as in “yes sir,no sir.” How about that OBAMA;OneBigAssedMistakeAmerica. In my office, we call him “Oneterma.” By the way, he compared his pet Treasury Secretary, Timmy, a “great and hard working individual.” Timmy knew about the AIG bonuses a long time ago.
i like that he was looking out for his company. but someone said 8 mill @ yr, well, if you look at other industries or businesses — how many ball players are playing for more than 8 mil? arod had over 10 mil@ yr w/the rangers! steinbrenner is paying some of his payers even close or even more. so, if you think i am worth that much and you are willing to pay that much, then go for it. just remember that when it comes time to renew and you have not performed, i don’t think you’ll get a better amount.
8% renewals on Progressive auto policies. A lower rate if the client calls direct to Progressive rather than work through an independent agency. Why do these 30,000 independents do business with this organization? If Progressive can reduce commissions and be #3 in the country how long until other companies feel they can do the same? (Maybe some of that $83,000 plane fare was to go see his buddy Soros.)
Face it. Society has lost perspective. What does a guy in a corner office in a $2,500 suit do that’s so important and risky he should make millions in salary and millions in bonuses? NOTHING. There should be cap on executive salaries and bonuses and get things back in order. I defy anyone to argue they “need” more than $5M per year. You can’t spend that much anyway. The average income for an american family is $53,000 per year. Talk about a society with its priorites and values totally screwed up.
Professional athletes are a joke as are the fools who pay that kind of money. Who deserves millions of dollars for playing a game? What value do these people add to society? One might ask “where is that money coming from”? People who add real value like teachers an medical professionals aren’t compensated anywhere near those levels.
I realized a long time ago not to get upset at athletes’ salaries. Steinbrenner doesn’t pay the Yankees $250M in salary a year because he wants to. He pays that figure because that’s what the market bears for top-notch ball players.
Why does the market bear such a large price? The best ball players win games. Winning games translates into more butts in the seats and more jerseys sold in the shop. Athlete salaries are an investment for the owners, and the owners earn a return on them.
Deafening silence from the agents that write business with this organization. When Safeco or Hartford want to reduce your commissions so the CEO can reap more millions, you can only blame yourselves.
I am with bewildered. Progressive was built on the backs of independent agents. Now the company pushes direct business and cuts agents compensation. I am not putting any new business with them and am looking for alternative companies. Wake up agents and tell them no more. I costs more than they pay to put business on the books.
And your strategy is working! They now are the #4 writer of auto insurance instead of #3. They’ll soon feel the pressure of having agents leaving them and they’ll raise commissions, contingencies, and rates. Everyone wins.
Who is Peter Lewis? (Billionaire, Founder Progressive Insurance, Major ACLU Contributor)
Media Moniter ^ | December 3, 2003 | Arne Steinberg
Posted on Friday, April 01, 2005 2:41:19 Billionaires Peter Lewis and George Soros have each pledged $10 million to America Coming Together…A billionaire, Lewis is the chairman and chief executive officer of Progressive Corporation, the fourth-largest U.S. personal auto insurer, A leading U. S. business reference manual, Hoover’s Handbook of American Business l999, actually described Lewis in print as “a functioning pot-head.”… His house features an elaborate series of paintings of Chinese communist Mao Tse-tung by Andy Warhol. Lewis has contributed $5 million to the ACLU …
Lets get our facts straight. Geico is now the 3rd largest.
Perhaps the AIG executives might look at Mr. Renwick even though Progressive was contractually obligated to pay him a bonus, he rightfully declined the bonus based on the Company’s performance.
His compensation package isn’t out of line for a CEO of a multi-billion dollar organization. If they turn a profit in 2009, I am sure he will take what is deserved; but when the Company under performs he had enough respect to the Shareholders to withhold payment.
If he is, as you say, looking out for the Shareholders’ interests, then why not take a decline in pay equal in percentage to the under performance of the company portfolio, along with declining the bonus?
That’s if he’s really serious about shouldering the responsibility for the management of the portfolio.
This seems to be more of a PC action by the head of a company founded and controlled by a very progressive liberal.
Who are you kidding? Why does anyone who makes $8,400,000 need a freakin’ bonus in the first place. Does anybody think this man is making a sacrifice? It’s a token gesture to draw attention to Progressive.
Guess you are damned if you do, damned if you don’t! Some people are never happy.
Damned if you do damned if you dont ?????
Who is worth 8 + million per year ?
NO ONE !
We just accept it year after year-
I am a staunch Capitalist however this CEO salary/comp thing is way out of line. Unless a person founded the company and worked & toiled year in and year out, these comp packages need to be scaled back. The “average Joe” makes about .001-1% of what these guys are earning. I spent years with a Japanese manufacturer and their CEO’s were paid well, but not obscenely as are their American counterparts. Now these guys are being recognized for not taking a bonus in a year that they should have lost their job based on poor peformance. If he could have gotten away with it, he would have taken it. That company was founded to insure bad drivers/DUI’s/high risk…..sounds like they need to re-evaluate their risk at the top. The way things are going in DC, we are all going to be speaking Chinese by 2020…as in “yes sir,no sir.” How about that OBAMA;OneBigAssedMistakeAmerica. In my office, we call him “Oneterma.” By the way, he compared his pet Treasury Secretary, Timmy, a “great and hard working individual.” Timmy knew about the AIG bonuses a long time ago.
i like that he was looking out for his company. but someone said 8 mill @ yr, well, if you look at other industries or businesses — how many ball players are playing for more than 8 mil? arod had over 10 mil@ yr w/the rangers! steinbrenner is paying some of his payers even close or even more. so, if you think i am worth that much and you are willing to pay that much, then go for it. just remember that when it comes time to renew and you have not performed, i don’t think you’ll get a better amount.
8% renewals on Progressive auto policies. A lower rate if the client calls direct to Progressive rather than work through an independent agency. Why do these 30,000 independents do business with this organization? If Progressive can reduce commissions and be #3 in the country how long until other companies feel they can do the same? (Maybe some of that $83,000 plane fare was to go see his buddy Soros.)
Face it. Society has lost perspective. What does a guy in a corner office in a $2,500 suit do that’s so important and risky he should make millions in salary and millions in bonuses? NOTHING. There should be cap on executive salaries and bonuses and get things back in order. I defy anyone to argue they “need” more than $5M per year. You can’t spend that much anyway. The average income for an american family is $53,000 per year. Talk about a society with its priorites and values totally screwed up.
Professional athletes are a joke as are the fools who pay that kind of money. Who deserves millions of dollars for playing a game? What value do these people add to society? One might ask “where is that money coming from”? People who add real value like teachers an medical professionals aren’t compensated anywhere near those levels.
I am with Dread on this one. This will draw some policyholders away from AIG!
I realized a long time ago not to get upset at athletes’ salaries. Steinbrenner doesn’t pay the Yankees $250M in salary a year because he wants to. He pays that figure because that’s what the market bears for top-notch ball players.
Why does the market bear such a large price? The best ball players win games. Winning games translates into more butts in the seats and more jerseys sold in the shop. Athlete salaries are an investment for the owners, and the owners earn a return on them.
Deafening silence from the agents that write business with this organization. When Safeco or Hartford want to reduce your commissions so the CEO can reap more millions, you can only blame yourselves.
I am with bewildered. Progressive was built on the backs of independent agents. Now the company pushes direct business and cuts agents compensation. I am not putting any new business with them and am looking for alternative companies. Wake up agents and tell them no more. I costs more than they pay to put business on the books.
And your strategy is working! They now are the #4 writer of auto insurance instead of #3. They’ll soon feel the pressure of having agents leaving them and they’ll raise commissions, contingencies, and rates. Everyone wins.