-={ARCLIGHT}=- wrote:
mattlap wrote:
So you think it's ok that the many executives of the company got up to 300% raises while they were asking workers for concessions for the 2nd time in 5 years?
#1 Link please.
#2 I'm sure it is better for all now that everyone, executives, management, and workers are now all out of their jobs.[/s] http://news.gather.com/viewArticle.action?articleId=281474981760866Quote:
While the media is busy blaming the union for Hostess's demise, nobody is reporting that CEO Brian Driscoll helped himself to a 300 percent pay increase. Just another example of the one percent literally taking food out of the mouths of everyone else -- in this case Twinkies and Ho Hos.
Driscoll's salary went from $750,000 to $2,550,000. Another executive's salary went from $500,000 to $900,000 and another doubled his salary from $375,000 to $656,256.
In the meantime, the company was eliminating its largest debt -- the Union Health and Welfare/Pension to which it owed $989,323,000 as reported in January 2012. If there's no money to pay workers and you're asking them to make concessions such as lower pay and higher insurance premiums, where do you get off doubling and tripling your salaries? Ask workers to take a pay cut while you suck every available dollar out of the company you can and steal their pensions and you wonder why they won't accept your deal?!
http://online.wsj.com/article/SB10001424052702304072004577323993512506050.htmlQuote:
Creditors of Hostess Brands Inc. said in court papers the company may have "manipulated" its executives' salaries higher in the months leading up to its Chapter 11 filing, in what the creditors called a possible effort by Hostess to "sidestep" Bankruptcy Code compensation provisions.
http://management.fortune.cnn.com/2012/07/26/hostess-twinkies-bankrupt/Quote:
In early February, Hostess had asked the bankruptcy judge to approve a sweet new employment deal for Driscoll. Its terms guaranteed him a base annual salary of $1.5 million, plus cash incentives and "long-term incentive" compensation of up to $2 million. If Hostess liquidated or Driscoll were fired without cause, he'd still get severance pay of $1.95 million as long as he honored a noncompete agreement.