Kodak to pay top manglement millions in bonuses
Kodak has asked a US Bankruptcy Court for permission to pay bonuses to 15 of its top management, including nine executive officers, as it moves to the next phase of its restructuring.
Kodak CEO Antonio Perez could be entitled to a maximum $4.4m payout under the Excel incentive scheme.
Full article here:
Kodak to pay top management millions in bonuses
Words fail me.
Words didn't fail them. They said, "I want more.. Give me more..."
Originally Posted by gordo
Your words didn't fail with Manglement. They really did mangle the company.
Last edited by Erik Nikkanen; 07-12-2012 at 12:37 PM.
Interesting that you found the article in a publication that predominantly covers the European Print Market. They must have a very good public relations firm handling crisis-control over here in the States as, I haven't seen any coverage of this yet..........Anyway..........The American Corporate Tradition is for the C-level people to totally screw up a company, and then, be financially rewarded for doing so.
It's so disgusting.
Kodak, in bankruptcy, seeks bonuses to keep executives – USATODAY.com
It may be legal, and it may be traditional, but is it really ethical?
Executive pay structures are fascinating.
It's not just the bankers that have sold their souls. It seems like a major prerequisite before getting an MBA requires the purging of all of one's ethical and moral fiber.
Amazon.com: Car Guys vs. Bean Counters: The Battle for the Soul of American Business (9781452632933): Bob Lutz, Norman Dietz: Books
Bob Lutz nailed this one a while back.
The bonus structure is really skewed.. Perez gets 100% if all debtors average 31% return and 200% if the average 100%... care to bet where the chips fall?
The worse part was the line on how they are planning a cut of middle managers during this time. These leaders made poor choices for years and now the stuff is going to roll down hill.
The splitting of the company will lessen the synergistic selling approach because now reps from differnt groups will be fighting for monies from printers rather than working together to produce a solution based on all revenue to be generated.
Wow. I would say unbelievable but in the world today, this seems to be common and expected corporate business practice. Yes, we ran our company in the ground. Yes, we don't have to pay our creditors under bankruptcy protction, But, as management we deserve more $$$$$.
Thi goes on while MORE engineers are made redundant with a reduced package!!! Nice???
Publicly traded company. That about sums it up. Plenty of golden parachutes to go around. I remember when Circuit City went down they had Management get some crazy bonuses and this was after they closed the doors.