Tue Nov 20, 2012, 05:15 PM
Earth_First (14,482 posts)
Kodak CEO Antonio Perez “Prioritizes His Compensation Even Amid Bankruptcy”
Respected stock market analysis website Seeking Alpha doesn’t think too highly of the way Kodak CEO Antonio M. Perez is leading the beleaguered photo company:
It would not be the first time that Mr. Perez, who became CEO of Kodak in 2005, has attempted to receive a large payment for his services to the detriment of his company. We had concerns about Kodak’s compensation policies in May 2010, when we noted practices such as Mr. Perez’s having amended (for the fourth time) his initial employment agreement and received an ad hoc award of 500,000 stock options at a low exercise price of $4.54 in October 2009 for “retention purposes.” Although Mr. Perez’s compensation decreased by around 55% year over year to $5.7 million in 2010, it remained grossly disproportionate compared to those of his subordinates, given that the median pay for Kodak’s other named executive officers was only $1.1 million. This suggests that Mr. Perez’s board – which he also chairs – allowed him so much freedom that he was able to prioritize his own interest ahead of his staff, customers and investors.
Earlier this month, Kodak was given permission to stop providing health and welfare benefits to tens of thousands of retirees. The move came just months after the company asked for permission to hand out $13.5 million in bonuses to 300 executives and employees.
Kodak’s CEO Prioritizes His Compensation Even Amid Bankruptcy
Read more at http://www.petapixel.com/2012/11/19/kodaks-ceo-prioritizes-his-compensation-even-amid-bankruptcy/#auQ9Y7EADzpM61Gz.99
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Kodak CEO Antonio Perez “Prioritizes His Compensation Even Amid Bankruptcy” (Original post)
Response to Earth_First (Original post)
Tue Nov 20, 2012, 06:06 PM
angstlessk (7,123 posts)
4. For once I would like to see someone answer the problem with a solution
instead of all the cynicism..a liberal politician to address the problem, and introduce a new BANKRUPTCY LAW for corporations like the one they produced for us little folk!
Or a liberal lawyer who knows how to circumvent the courts in favor of the worker instead of the CEO...
IS THERE NO HOPE?