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Hudson City Bancorp, Inc. Message Board

  • praveshis praveshis Jul 31, 2013 9:55 PM Flag

    HCBK Performance vs Management compensation

    Consider these facts.

    2Q 2013 Income = $48.7 million = Approx. $200 million when annualized

    Top Management Compensation per yahoo profile page = $10+ million or 5% of Annual Income

    Hermance's compensation = $4.07 million = 2% of Projected total net profit

    Robert Wilmers' compensation = $2.712 million = 0.2% of Projected total net profit of $1,392 million (based on 2Q 2013 reported profit of $348 million)

    So HCBK's Board thinks that Hermance should get 10 times more than the CEO of MTB for delivering a lousy performance.

    The Board was quick to cut shareholder dividends twice but if you look at HCBK's top guys' pay packages, you would think that they are doing a terrific job!

    Just look at HCBK's ISS Governance QuickScore as of Jul 1, 2013 on its yahoo profile. It is 10, the worst possible rating it can get.

    Who do they think they are, Hedge fund Managers?

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