Go to that Link it has his pay at $840K a year. The rest are benefits (they don't count for public workers they should count in the private sector either)
UGH! The working man does not get it again. If you are this hypothetical "working man" start contributing more and get us out of this economy. Clearly, it is your fault because there are more of you.
I guess I just make assumptions based on what other people are making within the industry of similar sized companies. MTW is making money, wouldn't you be torqued if you owned TEX and you paid your CEO more and got less?
DeFeo's salary, performance-based bonuses, executive perks and stock awards totaled $5.99 million in 2010, compared with $3.42 million in 2009, according to a regulatory filing Thursday with the U.S. Securities and Exchange Commission.
I can understand your thinking, but I'm having trouble accepting the fact that Glen got a 150% pay/benifit increase. Especially in these economic times.
You said "he was underpaid". Compared to what / whom ?
Ever think that maybe those you're comparing that statement to ,are overpaid.?
Unfortunately, Glenn is supposed to keep the company strong. It's awesome when they can always hire and never lay anyone off, or make efficiency cuts to keep the stock price up for people like us. I don't think to much beef can be taken up with doubling Glenn's Compensation when Senators get PAID FOR LIFE and get increases nearly every year.
Relating to cutting costs, thats how a company works. When things are good you hire everyone and buy everything. When things start to turn bad you cut the fat and lock the supply cabinets.
He doubled his pay because he was underpaid last year from all the stockholders he had to deal with so he needed a raise this year.
I just don't think people should demonize somebody who leads a company (and other than buying enodis which is very arguable)very well.
I was a little sarcastic on my last post.
But let's look at what Glen has done to justify doubling his pay/benny's.
Ok what has he done?
Did he increase sales? No
Aw, did he increase production? No, he layed off workers.
Did he increase inventory? yes
(Note) I could take you around the county and show you places where there are new MTW cranes just sitting out in the cold.
Did he increase Accounts Payable? yes. Those cranes cost money to make.
Did he increase Accounts receivable? no
Did he revamp the accounting system to help cut costs, yes. But, why did he do this when times were tough. Why didn't he do this when times were good? Isn't the bottom line making a profit. Just think if he would of revamped the accounting system when things were good. The company would of made more profit.
Did he cause the share price to drop to $2.50/share. Partially!! Bad business decisions at the wrong time. Don't tell me he didn't know the economy was heading for the tank. He just didn't know how bad it was going to get.But to over pay for a company when the world economy was heading South. Maybe a wait and see attitude might of been in order.
Did he sell the wrong division? possibly.
I believe the Ice div. was around 12% profit, the Crane div. was below 2% and the Marine div. was @ 8%.
Has he brought the company back? not yet!
It's headed the right way, but can that be atributed to what Glen has done or is that because the world economy starting to pick up?
Look at the share price lately. The stock market goes up and MTW closes with a negative.This is happening more often. If MTW is doing so well, the share price should be positive at the end of the day.
I think Glen is a good "figure head" for a good company, but I don't believe he has done enough to justify doubling his pay/benifits.
I will reply in reverse order.
Didn't the ship building not do a lot for a while? I mean they made money but not gobs of money like people like to see or hear about.
Big Glenn did perform last year. He brought the stock up from $3! A lot of the forces that pushed this stock down were pretty uncontrollable on a single company level. It did trash the stock price going from in the 40-50 to 2.XX when you include borrowing money to get enodis (probably overpaying a little bit but not necessarily) He did position the company to where it is currently and I wouldn't trade it for the alternative of many possibilities. Can you think how things would be if they let ITW buy enodis, Cranes weren't picking back up, and we still owned ships (and didn't get a sweet contract?) MTW could be in much worse places.