On the 13th 4 of them each got 14,035 shares. Nice gig. That charge will be .011 per diluted share charge for Q2 + the .04 - .05 restructuring + the .03 Wesoat estimated in the last earnings call. So the total will be about a .10 loss per share (IMO). There is also the new executive CCE officer creation not figured in here as I would assume they will be raming diluted shares into his pocket next quarter as well. There will be an additional .15 per share restructuring charges going forward this year.
I hope (but doubt) anyone holding long here voted against reinstatement of the board and continuation of any compensation packages...
These failures with pay are the biggest hits that earnings have had with the exception of the 30% decrease in 1st quarter sales (stuffing the channel). Another management mistake.
Let's see how Hoby controls these mistakes and benefits without performance. His package is more tied into performance then the existing board / executive members. However Hoby's base salary is much higher than Andrus's so there is an off set there.
Note that Andrus (and the Board) hired Wescoat. Makes sense to clean house of there incompetence regarding employment.
His background did indicate this and he did secure the loan agreement changes (ability to buy back shares / pay dividends as well as a higher credit facility). He also was suppose to be an expert at logistics in particular the sourcing of multiple suppliers.
I have pondered the going private etc. for sometime. Perhaps they are readying themselves for this? Restructure while public and gut it and then go private?