Laphen, you are nothing but a used douche. A urinal cake. I would love to p1ss directly into your face and mouth.
BOD, please do not allow an internal CSC'er take over. We don't want more of the same. We want actual leadership and vision. I saw the mummy Jim Schaeffer recently. He looked confused, not sure where he was. Can we please get some relevant management at CSC? Not some useless butt-wad who has been milking CSC for 25 years and getting promoted just because he/she has been there a while. No more division presidents just because they are women. That situation has been a disaster within NPS. No more nepotism. No more keeping modern technology out. No more bean-counters.
Check SEC filing....
In connection with Mr. Laphen's anticipated retirement, the Company and Mr. Laphen have entered into a Succession Agreement, effective October 18, 2011 (the "Succession Agreement"). The Succession Agreement provides that Mr. Laphen will retire upon the commencement of employment of a successor chief executive officer of the Company, but no later than October 31, 2012 (the "Retirement Date"). The retirement will be treated as a termination by the Company "without cause" for purposes of all contractual entitlements, including under the Amended and Restated Management Agreement between Mr. Laphen and the Company, effective December 10, 2010 (the "Management Agreement"). The Succession Agreement confirms that Mr. Laphen will receive the following benefits, each of which is provided for under the existing terms of the Management Agreement:
� earned base salary, annual bonus for a completed fiscal year, unreimbursed business expenses and benefits under the Company's employee benefit plans (offset by any amounts Mr. Laphen owes the Company);
� a pro-rated annual incentive award for the fiscal year of termination, based on the Company's actual performance for the entire year and the number of calendar months during the fiscal year that CEO was employed, and paid when annual bonuses for that year are regularly paid;
� a severance payment of two times the sum of (i) base salary plus (ii) target annual incentive award paid in equal installments over 24 months (estimated at $6.75 million based on fiscal 2012 compensation information);
� COBRA premiums for 18 months following the Retirement Date.
Mr. Laphen will be also entitled to SERP and Excess Plan retirement benefits, computed as if he had reached age 62 at the time of his retirement, resulting in an estimated annuity for life of $81,000 per month (based on fiscal 2012 compensation information). Mr. Laphen will reach age 62 in October 2012.
The Management Agreement will continue to remain in effect (except as otherwise provided under the Succession Agreement) except that Mr. Laphen has waived any right he may have to (i) receive any new grant of equity awards following the Effective Date, and (ii) resign for "good reason" (as such term is defined in the Management Agreement) based on (1) any announcement by the Company of his resignation, (2) the recruitment of a new chief executive officer, (3) not receiving new grants of equity awards following the Effective Date or (4) his resignation or removal as Chairman of the Board prior to his Retirement Date, upon the request of the Board following the Board's determination that, as a matter of general corporate governance, the positions of Chief Executive Officer and Chairman of the Board be held by different individuals.
Gee, I remember my time with CSC, one year of lies and more lies before given 30 days notice to save the Aon contract and then having BancTec spit in our faces for good measure.
He should get the same. Rot in hell.
While the phrasing is coarse, I think it actually and accurately reflects the sentiment of a great deal of shareholders and employees.
If CSC management wants CSC to remain independent, perhaps they should do a better job of running the company instead of pursuing mergers that will probably, at best, add a couple of cents to earnings. There is really no excuse, whatsoever, for the MSS scandal (and it is a scandal).
Either CSC management was totally out of touch when it bought the venture or subsequently has just left the venture run on autopilot. The MSS debacle is the result of rank amateurs.
I noticed that Warren Buffet did not come calling to CSC. Instead he went to IBM and one of Buffets criteria is to have really experienced and strong management.
Indeed Buffet places a great deal of emphasis on management. If a company is going through hard times and its stock price is depressed, if Buffet believes it has strong and competent management will buy into the company. Buffet sees the value and realizes management will be able to turn it around. Buffet passing by CSC yells volumes.
So a disgruntled employee or shareholder using expletives in a post, is just about right that this stage of a great company's demise.
But once again, shareholders had it within their power to oust the board, why do Americans, who demand choices and options, all fail to choose or exercise their options?
At this point the CSC debacle, persists due to an intransigence to ever act by all parties.
Well after listening to the conference call, I would say that Mike Mancusco should never be considered for CEO.
For some inexplicable reason, Mancusco dangled "might be merger" phrase meaning CSC might buy another company.
When an analyst asked why if the buyback program had to be suspended, supposedly because there is an ongoing SEC investigation, why is CSC pursuing mergers?
Now the analyst might have been referring to iSoft (past merger) or chosen poor wording (i.e., "is" vs "will") to allude to potential future mergers.
Nevertheless, Mancusco kept reiterating "I said 'might'" and no answering the question instead of answering the question.
Mancusco is definitely part of the problem and not part of the solution. So if he gets the nod to be CEO of CSC nothing will get better unless CSC is sold.
By the way, this past week Value Line lower its rating of Accenture (ACN) a notch. Perhaps if ACN wants to keep up its high growth mode the only way to do it through a merger. Now what company might they want to buy?
As I have posted before, if no one buys CSC or takes it private now, then nobody ever will.
I saw that exchange in the transcripts about buying companies or comapny stock. The guy had Mancuso boxed in and looking like an idiot. Honestly, I am a little shocked he is the CFO after reading it - looked like a complete rookie. Wow. That's all I can say. Wow......