patooyee
Well-Known Member
- Joined
- Sep 27, 2008
- Messages
- 5,692
sledneck said:All the union bashing, and all you do gooders that will work for $7.25 a hour to keep food on your families table (Bullshit), never posted that the teamsters also the largest union involved were willing to take the contract. Never mind the years of mis management when the former CEO dam near doubled the top 7 exec. salaries. Former CEO Brian Driscoll salary went from $750,000 a year to $2,550,000. Good damn them unions...... OH wait "top executives of the company also received massive pay raises, including one who received a pay increase from $500,000 to $900,000 and another received one that brought his salary from $375,000 to $656,256." So when Rayburn, a "restructuring expert", took the helm of the company in April, he had four of those top eleven executives at the company agree to reduce their salary to $1 per year, another four agreed to return to their previous six-figure salaries, and three others, along with Dricsoll, TOOK THERE MONEY AND SPLIT!!!!!! Now before anyone starts running off at the mouth. I'm all for a company making profit, thats why we start business's correct? But when is enough, enough? And the CEO is NOT the "business" he is just a small part of daily operations. Its personal greed that is ****ing these companies. Most people want a excuse or someone to blame and the first and easiset thing to do is point at the union probably because there the ones out there fighting for a decent wage. So automatically there in the limelight and we as the public are pretty much going to point the finger at them.
You won't find me defending CEO salaries, but I will say that you have to pay smart people big money to make them want to come into a failing company with small chances of turning it around. If anyone could do it it wouldn't be a problem in the first place.
And even at $2,000,000+ per year, its pennies compared to the overall cost of labor and legacy costs. Just throwing numbers out, but assume each of their 19,000 employees made $30,000/year, which I think is a very, very low guestimate. That's $570,000,000/yr just in labor, not including legacy costs or benefits. I would say that Hostess could sustain a turnaround CEO for a lot longer than they can afford 19,000 overpaid ee's.