Compensation for 2011, cash and equity combined, for our Board of Directors.
Gerald Armstrong - $201,698.00
Leonard Green - $214,198.00
Mark Griffin - $189,198.00
Robert Obernier - $189.198.00
Now for the good stuff:
Robert J. Burton, Sr over last three years along with year ending share price:
2009 - $3,819,685.00 - $8.75/shr
2010 - $6,180,966.00 - $5.34/shr
2011 - $9,631,864.00 - $3.40/shr
The kid, Robert G. Burton (maybe the G stands for greed) made a cool $2,016,075.00 in 2011.
I can't wait to see the numbers for 2012. My guess is Burton will make about $12,000,000.00 because as the stock goes lower, he makes more money.
You wonder why well run blue chip companies have a seperation between the Chairman of the Board and the CEO. It's to prevent things like this from happening.
He boasted that he bought over $1,500,000.00 in company stock in 2011 (big bold letters in the April 2012 report). So what, he got the funds to do that for free!
The above, combined with nickel and dimeing everyone to death on healthcare, no 401K match and declining working conditions sounds like it is about time for an employees and shareholders to revolt before it's too late. Enron kind of comes to mind!
Is it me or is does our leader sound proud that he was able to borrow $50 Million at 15% ++ to pay off a 7.875% senior sub notes? And he had to go half way around the world to Austrailia to get the money.
Here it is, as stated in the PR news wire article:
Robert G. Burton, Sr., Chairman and Chief Executive Officer stated:
"We are very pleased to have completed this transaction as our next bond maturity is now 2017. We will now devote our attention on operating and growing our business. As we stated before, we will focus our attention in 2013 on strategically evaluating our operations while looking to grow our cash flows, reduce debt and reinvest in strategic portions of our business. I look forward to updating our stakeholders on our progress when we release earnings in February."
Did he really say very pleased? How about embarrased more like it. He obviously has no shame. My guess is that he is going to dump this whole thing on his kids and then blame them if something happens. All of a sudden he is worried about operating and growing his business but most think it is too broken for that. Sounds like more consolidation to me.
Rubber Stamp - "Mark Griffin, 63, has been a director of Cenveo since September 2005. He is the founder of the Eagle Hill School, an independent private school in Greenwich, Connecticut, and served as its headmaster from September 1975 to June 2009. He is currently an independent educational consultant. Since 1991, Griffin has served on the board of directors of the National Center for Learning Disabilities, and he has been a member of its executive committee since 2003. Griffin has also been on the board of the Learning Disabilities Association of America since 1993. Griffin served on the board of directors of World Color Press, Inc. from October 1996 to 1999, where he was a member of the audit and compensation committees."
His experience with learning disabled serves him well at Cenveo.