Mon Dec 10, 2012, 03:24 PM
liberal N proud (49,100 posts)
CEO takes 46% increase in compensation while cutting more than 10% of it's employees.
Energizer CEO Klein sees 2012 compensation jump 47 percent
Energizer Holdings Inc. CEO Ward Klein earned $9.5 million in total compensation in fiscal 2012, up 47 percent from 2011, according to a regulatory filing.
His 2012 earnings were comprised of a $1.1 million salary, $4 million in stock awards, $1.7 million in non-equity incentive plan compensation, $2.6 million in increased pension value and nonqualifed deferred compensation earnings and $213,426 in other compensation, which includes company matching accruals in savings plans, term life insurance premiums and perquisites such as personal use of company aircraft and personal financial advisory services.
On Nov. 8, Energizer Holdings announced that it planned to reduce its global workforce by more than 10 percent, or approximately 1,500 people, as part of a restructuring it announced in September.
Energizer Holdings, Inc. Announces Multi-Year Restructuring Program Estimated Gross Annualized Pre-Tax Cost Savings of approximately $200 Million
ST. LOUIS, Nov. 8, 2012 /PRNewswire/ -- Energizer Holdings, Inc. (ENR) today announced that its Board of Directors authorized an enterprise-wide restructuring plan and has delegated authority to the company's management to determine the final plan with respect to these initiatives.
Energizer expects to achieve gross annualized pre-tax cost savings of approximately $200 million as a result of this restructuring project. The Company expects that nearly three quarters of the savings will improve profitability, and the remaining portion of the savings will be invested in the business to drive long-term growth. The Company estimates one-time charges associated with achieving these benefits to be approximately 1.25 times gross annualized savings, of which approximately 25% to 30% are estimated to be non-cash charges.
The Company expects that a substantial portion of the actions necessary to achieve the targeted savings should be completed by the end of fiscal 2014 and the total savings are expected to be fully realized in fiscal 2015. A majority of the one-time charges associated with these initiatives are expected to be recorded within the next 12 to 18 months as restructuring costs will likely be incurred ahead of achieving estimated savings (see exhibit - schedule of savings and costs estimates).
These actions are expected to reduce the global workforce by more than 10%, or approximately 1,500 colleagues.
And these assholes can't afford a tax increase?
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CEO takes 46% increase in compensation while cutting more than 10% of it's employees. (Original post)
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Response to liberal N proud (Original post)
Mon Dec 10, 2012, 03:38 PM
sharp_stick (12,103 posts)
4. One of the many problems with the
idiotic way we pay executives in this country. Much of this is because of the nepotistic nature of Boards of Directors where a CEO will serve on his buddies boards in return for the same favor so they can all perform the stock ticker reach around.
They call it pay based on performance and one of the easiest and laziest ways to pump up "performance" is to cut workers which jacks up the stock price because of cost cutting and perceived performance increases.
The downside of this cutting isn't felt for a couple of years by which time the scumbag CEO and his minions on the high floors have already bled the company of pretty much all of the artificially high stock price dividends.
When the downside is felt the "OMG aren't we outraged" brigade of directors "forces" the asshole CEO out with a buyout of unfunded millions. Asshole CEO is still on the other boards and reciprocates in kind.