Topic: Operations

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It pays to be the Chairman…
April 26, 2004—Shareholder advocates have long argued for splitting the job of Chairman and CEO, with some limited success, particularly in recent years. But if the Chairman is receiving a big fat consulting contract from the company, as is the case at upscale retirement home developer WCI Communities (WCI) , how much difference does it really make? […]

An energetic send off!
April 15, 2004—Xcel Energy (XEL) , a Minneapolis-based company on the S&P 500, gave one of its senior offices one heck of a send off when he resigned last August, according to its recent proxy. James T. Petillo, who is known as Tom, received a $2 million severance payment from the company. Combined with other parting gifts, […]

Bonus for bad behavior!
April 8, 2004—In the proxy it filed earlier this week, Alliant Energy (LNT) noted that it had given its former CFO, Thomas Walker, a $680,000 bonus after he resigned at the end of August last year as part of his severance agreement and release. That’s more than twice the salary he received in 2002, which might seem […]

Family friendly…
April 7, 2004—Have you ever had to pick up and move because your spouse or significant other found a job someplace else? It happens all the time. And while some companies will provide minimal help to the non-employee, such as a courtesy interview or some local contacts, they rarely hand out a chunk of change because that […]

Skip work, more pay!
April 6, 2004—Imagine how your boss might feel about you only showing up to work 25% of the time. How long do you think you’d be able to keep that job before being booted out the door? My guess is not very long. Former U.N. Ambassador Richard C. Holbrooke, who’s on the board at Quebecor World (IQW) […]

Mind the Gap!
April 1, 2004—Gap Stores (GPS) , which has long been criticized for its cozy relationship with Fisher Development, a construction company owned by Gap Chairman Donald Fisher’s brother, finally seems to have gotten it. Fisher Development, which up until 2 years ago, served as general contractor on practically all new store construction and renovation projects for the […]

Reverse allowances…
March 31, 2004—Usually, it’s dad who helps out Junior at most companies, steering business, signing a key contract or just providing a job. But at Stewart (STC) , the large title company, it’s the other way around, according to the recent proxy. The two co-chief executives, Stewart Morris Jr. and Malcolm Morris, who are first cousins, gave […]

More money, less work!
March 26, 2004—When CNF (CNF) President and CEO Gregory Quesnel steps down in July, he’ll be paid $1 million for a year-long consulting contract that requires him to work 150 hours a quarter. That’s about 1/3 more than the $748,176 he made last year in his full-time job. Granted, the consulting contract only lasts a year, unlike […]

Three more years!
March 24, 2004—Cablevision (CVC) has signed another 3-year consulting contract with director John Tatta. Under the agreement, Tatta, the company’s former president and chief operating officer who retired 12 years ago, will receive $350,000 a year for the next 3 years according to his contract in the recent K. That’s in addition to the $50,000-plus he receives […]

There in black and white…
March 22, 2004—Even though Tenet Healthcare (THC) noted last May that former Chairman and CEO Jeffrey Barbakow would receive three years worth of salary after stepping down, it’s still shocking to read the severance agreement and general release included in the 10-K Tenet filed last week. Barbakow resigned at the end of last May after Tenet’s stock […]