I am astonished to read that Brenda Barnes compensation equals $9.1 million (per the 10k) for the fiscal year ended June. This with earnings DOWN, the dividend CUT, stock price down to 16, and large one-time charges related to 'restructuring' (nearly always a well known disquise for management incompetence). While stockholders suffer. I am a long suffering stockholder pleading with the Board of Directors, to please get rid of this silly bimbo. No expensive termination deal - just show her the door.
I'm going to bring up an old topic: the Peters/Gillespie IT regime in Mason, OH. It is fundemental to the success/failure of Sara Lee. They refuse to accept that they are incompetent in so many ways. The IT infrastructure is going to be "dumbed down" so that the local staff can handle it. This is to the detrement of systems availabilty and reduncancy. The original infrastructure was designed by an outsourced company (Deloitte I think) and is robust and redundant. However, because Peters and staff cannot handle it, they will sacrifice the robustness of the infrastructure. Gillespie is a yes man (woman) with no real insite into what it takes to run a truly global IT organization for one of America's best known household names. I don;t know about you, but I am selling my stock pronto, and I suggest you do the same before the whole company collapses and a sea of self interest and dillusion, powered by the inept IT division.
SEATTLE (AP) - Microsoft Corp. (MSFT) Chief Executive Officer Steve Ballmer received a pay package valued about $1.3 million for fiscal 2007, a year in which profit at the world's largest software maker topped $14 billion, according to documents filed Friday.
For the year ended June 30, Ballmer received $620,000 in salary and a $650,000 bonus. Unlike some technology companies that spend millions on executive security, travel and other perquisites, Microsoft gave Ballmer a modest $6,750 in matches to his 401K retirement plan and approximately $3,000 worth of life insurance and athletic club memberships.
Ballmer, who owns about 4.3 percent of Microsoft's shares, received no equity compensation. He didn't exercise any stock options or vest any stock awards during the year, the company said in the Securities and Exchange Commission filing.
Management bonus runs from 10% to 300% for thousands of employees along with stock grants and options.
Share holders received a dividend cut , inequitable Hanes split, and a stock that only finds support by the company buybacks.
But thats ok ... the government will pay 40% on the pension if their pension guarantee fund was not 40 billion in the red.
i promised myself I wouldst respond to your idiocy anymore but I cannot resist. It appears that you are still playing the same games, arguing a point until proven wrong then changing the argument. This management team has done nothing to earn even $1 in bonuses let alone $9 million for BB. They dismantled and gave away value at employee and shareholder expense, drove away investors and then shifted focus so a new crop of investors believe the hype. The only reason this stock in enjoying $16.00+ is because of th up market, when th market tanks this pos will not stay above $12 regardless of the spin
what do you do for sara lee besides post here? are you in charge of mixing the corporate kool-aid? It seems to me you have more than an investors interest and most employees would not take up with such blind faith, you are either related to Brenda, Married to Brenda or paid by SLC to pose as a poster and defend the company.
Here's to Blind Faith!!!!!
Long term and should be does not make up for has been.
Management has lined their pockets with share holder equity
They have not generated any share holder value....only should be and long term.
Their compensation ...should be and long term ...instead of more and now.
They should put their bonus and stock option into the funding of the pension ...that is should be and long term !
Then ,maybe, the employees that built the brands and the equity will at least be able to buy these brands when they retire....if they still exist !
Where did all the savings go from combining all the companies ,dividend cut and spinning off 40% of the pie.
Still have to spend earnings when downsizing and combining R/ D departments.
All this should have added to earnings.
The difference between invest and an investment is a return.
Brenda invested the stock holders money and the board has granted her a nice investment.
Stock holders are still waiting for their loss to turn into an investment.
Brenda is being paid to perform a function....to bad earnings per share and return on stock holders equity have not been a part of them.
This is like paying a contractor to remodel your rental property....there is no guarantee you can collect higher rent.
She tore off the garage and removed the walls to make a great room....from a multiplex to a single mansion!
Wonder which will rent for more!
The stock holders have a subprime mortgage and management has been paid.