Last Friday, BB&T Corporation (BBT) filed an 8-K to disclose that the company’s 10-member executive management group had each received “a special, one-time award of performance-based restricted stock units.” That group includes Chairman/CEO Kelly King, Senior Executive VP Robert Greene, Senior Executive VP C. Leon Wilson III, COO Christopher Henson, and CFO Daryl Bible, as well as five unnamed top members of the executive management team.
In my opinion it appears that our Board Of Directors are still rewarding the top officiers regardless of how the shareholders fair. Look at the stock price and the dividend they are paying.
Now does anyone question why BB&T was in such a hurry to pay off TARP? Executive pay is restricted for banks that still owe the government.
BB&T said it wanted it out because TARP politicized the lending process. I don't think so. TARP never limited BB&T's ability to make loans, just look at the banners at each of the branches - "Still Strong, Still Lending."
It's always been about the money. Kelly put up a good front though. That's what I call leveraging the Truth to the point of dishonesty.
Kelly talks about how important it is to restore the dividend to shareholders who depend on this source of income to make ends meet yet doesn't mind sticking his hand in the cookie jar over and over again.
The bank has had five consecutive quarters of declining profits under Kelly since he became CEO. Couldn't the man simply wait until profits turned north and some of the dividend returned before filling up his pockets.
Well that stinks. I just emailed them to ask how "they" justified the one time pay when their dividend has not been brought back up and their stock price is tanking. I'll let you know if they respond. Not that it really matters, but they need to hear from us.