You are correct about Stemberg not accepting any blame. I saw him on PBS a couple months ago and he was still bragging and telling the story of the ribbon he couldn't find. He was acting as if there was nothing wrong with staples. Stemberg is living in the past and in denial. He is addicted to his own voice
He's been gone for over a year. Went to some retail company in California. I can't remeber the name.
He was forced to go because SPLS US Stores missed their budgeted numbers very badly while he was in charge.
Might as well blame him because Tommy doesn't accept any blame. Heck he even names awards after himself! The TOMMY
ok, SPLS is not dead, and I hope it does survive. And yes, it could easily be in the high 30's again, and will probably get there but it will take MANY years to get there. The reality is many employees got used to the previous phenom increases and believed what Peters said about the company. Now in retrospect it is evident that he simply did whatever was necessary short term to get wall street's attention, and spls was fortunate to have that hot new technology item year after year to mask the office supplies problems.
good luck to current employees, hope your stock does go up, but just don't believe all the hype that Peters pretends to believe himself.
You are forgetting something nychot. You are talking like Staples is over, company dead etc... This stock could easily be in the high 30's again within a few years, maybe ten years. Anyone purchasing stock through the employee stock purchase plan may just have to wait for their rewards. This company is far from a done deal!
Well the options are what I was talking about if i didn't make it clear enough. As to retaining talent, perhaps you should ask corp what the turnover rate is at staples. I don't think you will find it above average. Secondly, the options of longer term employees keep them at their job when some should have been replaced as staples grew into a large corp entity. However, those employees stayed based upon their past experiences with options and the "peter principle" took over.
I don't begrudge anyone at staples because, with the cahed options, I am now free to do whatever I want. Just don't like the doublespeak that Peters uses.
EXACTLY what I was saying
I too got mine out at 30 but cashed all out.
rolled them over to self controlled IRA and now I don't need to work anymore. Got lucky in last half of 98 and paid in taxes what I earned at staples
smart move to move on!
Wrong again nychotshot.
As part of the compensation package, SPLS store managers and above are rewarded OPTIONS to purchase shares each year. They are not given stock free and clear. Big difference. This applies to all GM's and above regardless of hire date, so new employees get this benefit too. The company does not offer 'profit sharing'. It offers an Employee Stock Purchase Plan whereby associates can purchase stock twice/year at a 15% discount on teh lower of the two prices noted. There may be a small service time requirement for this program, but nothing significant (6 months or a year max). This is no expose here. Nothing is under cover on this. These shares are approved by any voting shareholder each year. This is an extremely common benefit in other companies as well, not something covert. Investors should be happy that programs like these exist. They assist in attracting and retaining talent at both store and corporate levels.
What were you, a porter in some store in the Bronx?