I am curious to know what Ken Smith was paid at Atlantic Blue before being put on the dole at publicly traded Alico for $285,000, $30,000 housing allowance, company vehicle and undisclosed incentive bonus?
The Alexanders' have a dismal record of managing Alico. Their Plant World acquisition was an unqualified bust. I had hopes that family ownership would translate to employing a long-term perspective toward building shareholder value. But as time has gone by, I have become convinced that the Alexanders simply use publicly held Alico to extract excess compensation. The recent change allowing JD Alexander to collect director's fees in addition to an overly generous $190,000 in cash comp is the latest example.
There is no mention of Ken Smith's qualifications for guiding Alico's farming operations beyond livestock, where the bulk of cash flow will come from for the foreseeable future.
I doubt JD was getting paid as richly at Atlantic Blue, where he has to answer to other family member shareholders.
A case study in incompetent family members frittering away wealth accumulated by the prior generation.