Topic: Operations

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Gold star Fridays…
June 4, 2004—It’s been quite a few weeks since there’s been anything to applaud in SEC filings. But something in General Dynamic’s (GD) new employment agreement with Chairman and CEO Nicholas Chabraja certainly qualifies. While many companies simply hand the keys to the Gulfstream over to the CEO and stock the galley, General Dynamics actually has spelled […]

Big-time bonuses
June 2, 2004—There’s five fellows out in Silicon Valley who have something to be happy about (and no, we’re not talking about Google here). National Semiconductor (NSM) handed out over $10 million in bonuses to its top five executives for the fiscal year ended May 30, 2004, according to the proxy filed yesterday. CEO Brian Halla got […]

No teary goodbyes for Mike…
May 27, 2004—It’s hard to get really lathered up about C. Michael Armstrong decision to step down as Chairman of Comcast (CMSCA). Nor was it much of a surprise, given the terms of his employment contract, which required Comcast to pay him $1.8 million a year plus a 150% bonus whether he worked or not, provided he […]

Something to fall back on…
May 25, 2004—Last year, Rite-Aid (RAD) Chairman Robert Miller announced that he was stepping down as CEO, but would remain chairman of the company until the 2005 board meeting. But Rite-Aid’s recent proxy shows that Miller, 60, received the same amount of salary in 2003 — $1.24 million –as he did in 2002, even though he stepped […]

So where were they going?
May 24, 2004—Usually, when companies hand out retention bonuses, it’s because they’re in danger of losing a key executive to a rival company. But it’s hard to find evidence of that at regional carrier Mesa Air (MESA), which recently inked two lucrative new employment agreements with its top two execs. Chairman and CEO Jonathan Ornstein received a […]

Shown the door and given a raise…
May 13, 2004—When C. Michael Gray resigned as CEO of Performance Food Group (PFGC) in March, the company stressed that it had nothing to do with a settlement the Richmond-based food distribution company had reached with the SEC three weeks earlier. Perhaps that’s why the company saw fit to give Gray,54, a raise as they sent him […]

A modest allowance…
May 11, 2004—When American Financial Group (AFG) announced last April that co-president Keith Lindner would be stepping down at the end of June, they forgot to mention that he would still be on the company payroll for the next five years. But in the Q filed last week, the company includes Lindner’s “salary continuation agreement” which will […]

A toast to turning 40…
May 5, 2004—When Gartner (IT) announced last week that Chairman and CEO Michael Fleisher would be stepping down, it didn’t provide many details on his exit package. But in both the Q and the proxy, it’s clear that Fleisher, 39, will have many reasons to toast his upcoming 40th birthday. Four million reasons, though it’s actually more […]

A Hollywood ending…
April 29, 2004—Even by Hollywood standards, the $3 million severance payment that John Farrand, former CEO of Panavision (PVIS.OB) received seems a tad bit excessive, given that it was on Farrand’s watch that the stock was kicked off the New York Stock Exchange and now trades on the decidedly less prestigious Nasdaq Bulletin Board. Panavision, which makes […]

A lucrative exit strategy…
April 27, 2004—When Thomas Edelman stepped down as Chairman of Range Resources (RRC) , a Ft. Worth-based oil and gas exploration company last May, he received a lucrative three-year consulting contract. For $50,000 a month, Edelman is required to provide “no more than an average of 20 hours per week in any calendar quarter”. That’s about 70% […]