Cut the dead weight! Cancel this merger, get back to making money, and raise the dividend to where it was. THIS IS B.S. He has done NOTHING but line his own pockets and get a big position in the combined bank. He cares nothing for HCBK shareholders, get rid of him!!!
I agree. In my Aug. 2013 post, I raised the issue of management comp. I feel that their comp. is atrocious while shareholders had to go through two dividend cuts. Why are shareholders approving these hefty pay packages year after year with no cuts in pay or head count? One of the arguments is that it is not their doing but that they are in a bad business environment. If that's the case how does one justify these pay scales? Hermance is paid 10 times more than MTB CEO! If the interest rate environment is such that it is not profitable to expand the balance sheet, then what are all these loan officers doing, really? From what I vaguely recall, these guys have a pension plan! Who is going to fund these pension? Where is BOD on this?!! Just look at their corporate governance score on a yahoo profile page. It is the worst rating one can get. Where are the activist shareholders, hedge fund managers? This is so #$%$ backwards, it is not even funny. I am just afraid a lot of IPO shareholders are going to be left holding a leaky bag of S#@t.