Evil Semp wrote:Phatscotty wrote:Evil Semp wrote:Here is the article posted earlier about the pay increases for management. http://www.huffingtonpost.com/2012/11/1 ... 47043.html
btw, this link has been "corrected" At first I was just going to point out that these management pay raises were "claims" from the union, but it doesn't matter anymore anyways...
Yes it does matter. It could explain part of the reason why the employees would accept the pay cuts.Phatscotty wrote:An earlier version of as well as an earlier headline of this post incorrectly stated that Greg Rayburn received a 300 percent raise as CEO of Hostess as the company approached bankruptcy. Rayburn wasn't CEO of Hostess until after the company filed for bankruptcy. The post also incorrectly stated that he was paid a salary of up to $2,550,000 per year. His salary when he joined the company was $100,000 per month, according to a company spokesman.
The name given was wrong but that doesn't change the fact about the pay increases or at least the attempt at the pay increases.Hostess’ creditors accused the company in April of manipulating executive salaries with the aim of getting around bankruptcy compensation rules, the Wall Street Journal reported at the time. In response, Rayburn announced he would cut his pay and that of other executives to $1 until Dec. 31 or whenever Hostess came out of bankruptcy.Phatscotty wrote:I bet this won't matter though. The incorrect information has been corrected, but the opinions of posters that have been strongly shaped based solely on the size of the pay raises and salaries for the CEO and management will probably stay the same...
Actually it does matter. It show me that he might have taken one for the team but we don't know about his whole pay and compensation package.
Here is an article explaining the CEO changes at Hostess. http://blogs.wsj.com/deals/2012/03/09/h ... as-sought/
ty again for the link. I am eating them up like candy!
However, it does show he certainly did his part, basically taking a 99.9% pay cut on his standard salary. If that isn't good enough, then I'm not sure if anything would have been good enough. He not only took one for the team, he sacrificed so that there was still a "team" at all. He's probably pretty pissed now that after what he gave up to keep the company going and keep the workers working, and they just walked out on the company. I'm more pissed at the employees now too.
Let me read your link