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The $1,000-A-Day Chief Executive Officer

Thomas J. Watson Sr.: The $1,000-A-Day Man

Published August 25, 2021
Picture of multi-colored blue puzzle pieces with various Watson beliefs and the tagline: The Origin of
 The Thousand-Dollar-A-Day Man
Tom Watson: The Thousand-Dollar-A-Day Man​​
  • The Origins and Idiosyncrasies of the Revenue Act of 1934
  •  A Front-Page, Headline-Making, Not-So-Timely, Chaotic, Public Event
  • Watson's Salary Reductions and the Effect of Taxes
 The Origins and Idiosyncrasies of the Revenue Act of 1934
The Revenue Act of 1934 required the U.S. Treasury to publish the names of corporate officials making more than $15,000 in salaries, commissions and bonuses. Not included were incomes from dividends, proprietorships, partnerships, rents or royalties; neither did the act account for salaries received from multiple corporations. Many Hollywood stars formed corporations to produce their movies and then received their earnings as dividends.

The report did not measure wealth, as the nation’s richest families—the Du Ponts, the Rockefellers, the Fords and the Morgans—earned their incomes through capital investments.
With the advent of World War II, an individual earning a $100,000 salary and producing vital war materials could be brought into the public eye while another individual receiving $1,000,000 from investments and paying little in taxes to support the war would go unnoticed.
 A Front-Page, Headline-Making, Not-So-Timely, Public Event Surrounded by Chaos
At times the approximately eleven-hundred page report listed almost fifty thousand individuals from more than eight thousand corporations. It could be a chaotic scene when the report was initially released, as reporters pushed and shoved to be the first in line for a front-page story—revealing the year’s highest paid individual, industrialist, movie mogul, entertainer or woman.

​The chairman of the House Ways and Means Committee, after seeing the commotion with the release of the 1936 report, temporarily suspended access, commenting that the list might get “disarranged or lost.”
The report would also be updated as corporations closed out their fiscal years, so the highest paid individual could be very fluid. ​
Newspaper advertisement taken out by IBM employees in support of Thomas J. Watson Sr.
For example, a business section headline of the New York Post on May 6, 1936, read, “Watson’s Pay of $303,813 Tops ’35 List.” Less than thirty days later, the headline of the same paper read, “Sloan Highest Paid Executive with $374,505.” The final 1935 winner was actually William Randolph Hearst at $500,000.
 Watson Salary Reductions and the Effect of Taxes
In April 1942, Watson asked the board of directors to modify his employment contract. Refusing to profit personally from the manufacture of war munitions, he reduced his profit-sharing compensation from 5% to 2.5%. He made the new contract retroactive to 1941. It was later determined that it was too difficult to determine the increase in general business attributable to the war, so he requested that his commissions not exceed that of 1939—a time when the company had no war business. This is easily visualized in the chart below.

​Reading newspapers of the time, it appears that Watson Sr.’s salary was more fodder for letters to the editor than it was the subject matter of serious editorials.
​
It is also interesting that after the ups and downs of his salary over twenty-two years Watson’s earnings (including commissions) in 1951 were down 10% while IBM’s revenue was up by more than 1,500%. One has to wonder if authors who poke fun at Watson Sr.’s earnings would be satisfied with their salary if it remained flat for seventeen years and, when commissions were considered, decreased over two decades.
A color bar chart showing Thomas J. Watson Sr.'s salary, commissions and director fees from 1929 to 1951.
Because of the war-time tax increases, a gross salary wasn't always what it seemed as proven by this analysis done in the Binghamton Press of two of its leading citizens: George F. Johnson (Endicott-Johnson) and Thomas J. Watson (IBM).
A color stacked bar chart showing George F. Johnson's and Thomas J. Watson's salaries and taxes paid in 1942.
This chart shows that the chief executives in 1936 when their salaries were being analyzed were actually spending half to three-quarters of each day working for the government.
Picture of table showing the top industrialists in 1936 pay and how much was taken in taxes.
It does seem like there is always "more to the story," doesn't it?

Cheers,

- Peter E.

Return to the Thomas J. Watson Sr. History Home Page
© 2022 Peter E. Greulich. All Rights Reserved
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        • Sloan Jr., Alfred P.
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          • Selected Addresses
        • Verity, George M. >
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          • A Business Biography
          • Retail Firsts
        • Watson Jr., Thomas J. >
          • A Business and Its Beliefs
          • Management Briefings
          • Father, Son & Company
        • Watson Sr., Thomas J. >
          • Human Relations
          • Men-Minutes-Money
          • The Lengthening Shadow
        • Young, Owen D. >
          • Selected Addresses
          • New Industrial Leader
      • Capitalists >
        • Baruch, Bernard M. >
          • My Own Story
          • The Public Years >
            • A Review
            • Second Thoughts
        • Schiff, Jacob H.
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          • Autobiography
          • The Color Line
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        • Massive Work Slowdown
        • Failure of Work at Home
      • Financial Engineering >
        • Workforce Rebalancing
        • Aggressive Bookkeeping
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        • Share Buybacks
        • Shareholder Risk
        • Employee Engagement
        • Warren Buffett's Mistake
        • Do Share Buybacks Work?
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        • The First 100 Days
      • Ginni Rometty Overview >
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        • Revenue & Profit Growth
        • Revenue & Profit
  • 20th Century IBM
    • Corporate Performance >
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          • Financial Engineering
          • The Greatest Gamble
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        • IBM UK Dictionary
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      • IBM Wild Ducks >
        • The Wild Goose
        • Royal Dissenters
        • Corporate Constitution
        • Respect for the Individual
        • Service to the Customer
        • Pursuit of Excellence
    • Corporate Products >
      • 1890: U.S. Census
      • 1920: Dayton Scales
      • 1940: The Electromatic
    • Thomas J. Watson Sr. >
      • Articles by Watson >
        • On World Peace
        • On the Cost of War
        • On Public Education
        • On Thomas Jefferson
        • On Thoughtful Mistakes
        • On Stakeholder Relations
      • Articles about Watson >
        • The $1,000-A-Day Chief Executive Officer
        • Employees are Valued
        • Democracy's Man o' War
        • Human Relations in 1956
        • A CEO Who Earned His Pay
        • The Lengthening Shadow
      • Slice of Life Stories >
        • Dali, Salvador
        • Drucker, Peter F. >
          • Authority and Power
          • Short-Term Thinking
          • A Corporate Culture
          • Raising Business Issues
          • Focus on Principles
          • Character and Manners
          • Knowledge Workers
          • Recognizing Ability
          • Individual Respect
          • Employee Paternalism
        • Eastman, George
        • Penney, J. C. (James Cash) >
          • Watson Homestead
          • Golden Rule Businesses
        • Fighting Discrimination
      • Pre-World War II >
        • A Lost Dream of Peace
        • USO Camp Show Founder
      • World War II Effort >
        • Selling War Bonds
        • Production Awards
        • Controlling Profits
        • Machine Records Units
        • Wartime Contributions
        • Widows & Orphans Fund
        • Declaring Human Rights
        • Supporting Home Morale
        • Employee Military Service
        • War's End & Reconversion
      • Post-World War II >
        • Endicott Memorial
        • Poughkeepsie Memorial
        • Rehiring WWII Veterans
      • A Pajama Party
      • A 1943 Tax Problem
      • The Story of "THINK"
      • A Gift of Retirement
      • Learning from Crises
      • IBM Employee Housing >
        • Construction Timeline
      • Two Journalists "THINK"
      • A Buddy Davis Interview
      • Quotes of Watson
      • Quotes about Watson
      • Women in the Workplace
      • A Successful Rebranding
      • Tom Watson's Wild Ducks
  • Articles
    • Corporate Articles >
      • High-Performance Corporations
      • The Art of the Restart
      • Crises, Recoveries & Lessons Learned
      • Strategy Should Create Human Relationships
      • A Time-Tested Corporate Constitution
      • IBM, JC Penney and The Golden Rule
      • How IBM Created its 20th Century Brand
      • The Greatest Business Risk of the 20th Century
      • How to Grow a Business
      • The Importance of Sales Productivity
      • How Much Is a Great CEO Worth
      • Let Your Guard Down
    • Business Articles >
      • Business Witticism
      • The Golden Rule in Business
      • Who and What Built Early American Capitalism
      • Capitalism Needs Industrialist Minded CEOs
      • Producing Corporate True Steel
      • CEO Perspectives >
        • Rules of Success
        • Top Employee Qualities
        • Industrialist vs. Capitalist
      • An Open Letter to the World's CEOs
      • Henry Ford Takes Control
      • The Razor Blade Business Model
      • Two Successful 20th Century Businesswomen
      • Sears: A Dead Franchise Walking
      • A LinkedIn Incognito Mode
      • Value a College Education
    • Political Articles >
      • Political Witticisms
      • Memorial Day
      • Pursuing The "American Way"
      • America: Home of the Brave
      • Securing the Borders of the Americas
      • General Grant's Stand for Justice
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