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Former Hostess Twinkies CEO tripled salary to $2.5m before bankruptcy
CORRECTION: An earlier version of as well as an earlier headline of this post incorrectly stated that Greg Rayburn received a 300 percent raise as CEO of Hostess as the company approached bankruptcy. Rayburn wasn't CEO of Hostess until after the company filed for bankruptcy. The post also incorrectly stated that he was paid a salary of up to $2,550,000 per year. His salary when he joined the company was $100,000 per month, according to a company spokesman.
Union Claims Hostess Executives Received Raises In Advance Of Bankruptcy (CORRECTION)
Fox Blames Union for Hostess Bankruptcy - Ignores CEO Pay and Hedge Funds
Last edited by empire; November 21st, 2012 at 03:13 PM.
Wrong thread, boys.
Though something can be taken from this. Bottom line is, if the players and owners don't work together to find a financially responsible system, ain't nobodys gonna be paid **** no mo'.
That's technical financial terminology.
Last edited by FishMonger; November 21st, 2012 at 03:25 PM.
...In early February, Hostess had asked the bankruptcy judge to approve a sweet new employment deal for Driscoll. Its terms guaranteed him a base annual salary of $1.5 million, plus cash incentives and “long-term incentive” compensation of up to $2 million. If Hostess liquidated or Driscoll were fired without cause, he’d still get severance pay of $1.95 million as long as he honored a noncompete agreement.
Sooooo, your linked story proves that executive pilfering was a major problem. Regardless if it was Driscoll or Rayburn who were the CEO's, the article clearly shows management executives were trying to set themselves up with golden parachutes & massive cash grabs at the expense of the working man while the ship was going down in flames.Within a month of taking over, Rayburn had to preside over a public-relations fiasco. Some unsecured creditors had informed the court that last summer — as the company was crumbling — four top Hostess executives received raises of up to 80%. (Driscoll had also received a pay raise back then.) The Teamsters saw this as more management shenanigans. “Looting” is how Hall described it in TV interviews. Rayburn announced that the pay of the four top executives would go down to $1 for the year, but that their full salaries would be reinstated no later than Jan. 1. Hostess pays Rayburn $125,000 a month, according to court filings.
Sounds like poor management to me. Blame the men and women who want to earn a liveable wage and benefits all you want for striking and aiding the collapse, but don't ignore the conditions that were presented to them to take such actions.
EDIT***Derailing CBA thread***Sorry for going off topic all!
Last edited by KingThomas; November 21st, 2012 at 03:28 PM. Reason: Off Topic
wtf with twinkies?
I don't feel endorsements have any place in this conversation and I don't see the owners ever bringing those into the conversation.
Hostess is just a recent reminder of the problems that could of been negotiated but failed and many people will suffer.
A few years ago it was Detroit that needed an influx because they were paying a union guy $75 an hour to install lug nuts.
I saw this back in the 60's when I went to work for a large company back in England and the union super would come around every week to collect the dues, of course I would claim I had no money and refused to pay. Over a few months they would surround me with big hulking guys and demand I pay the dues and I still refused. After six months on the job they demanded I join the union, I refused, they marched me to the front office where they brought out the GM.
This was a company that had 5,000 people on site at a huge plant, I was 16 years old.
The GM said, Look son you're a nice kid, you work hard and we would like you to stay but we are a union shop and you have to join the union .....or I have to fire you.
I said F U, I quit and walked out.
Eric Cole rips Hamrlik for his "just get it done" stance:
Cole carves Hamrlik, not surprised by NHL’s rejection | Hockey Inside/Out“As a veteran guy, especially him, he’s been around awhile… other veteran players have sacrificed their careers for the last CBA, missed out on a year, 240 guys never played another game,” Cole continued.
“For me, I don’t look at this lockout and see what I’m not earning as the entitlement to, ‘Let’s get a deal done and let’s get playing.’ I see it as an opportunity to repay an opportunity that was given to me.
“That’s what this is supposed to be about, that’s what makes hockey players different. You sacrifice something for the people coming behind you. That’s where the respect factor comes in. Whoever’s kid is the best kid on your son’s hockey team, you want that kid to have the same opportunity that you’ve had. That’s what it’s about. Hamrlik is unbelievable.”