Back when a shareholder lost his mind when it was revealed how much JY got for moving to Wisconsin. Imagine the outrage when they find out how much is being spent to build FB whole new building
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I think people are missing the point. The CEO will not be moving to Wisconsin instead they are building an executive office center in NJ. A whole new building so he doesn’t have to move
I remember working in the Tampa office, the original Fiserv office, and the employees of that office being invited to Les & Pam’s beautiful home for a Christmas party. While he had wealth, and it showed, he was still a pretty nice guy. And then Norm Balthazar (RIP) allowing us to take a tour of his in-construction home on the beach. These men recognized us for who we were - people carrying on their dreams. Keyword - people.
Fiserv paid close to $100K for my relo. While $240K is a lot of money, the biggest expense is usually with real estate. Perhaps he had one of those “turn in the keys and walk away” deals where they gave him full market value and the company paid the difference between market and sales value, plus the 6% commission. On a million dollar house that alone is $60K.
That wasn’t a VP that was the CEO of Checkfree after Fiserv acquired them. Best Dilbert ever! P.S. With tax gross up $240k for a CEO relocation doesn’t seem that out of line. A lot of relocation packages for just a manager can cost companies a $80k. Sounds like the shareholder asked a d-mb question.
I remember this and still don't get why it cost $240,000 for Yabuki to move (and he didn't really answer the question).
It reminds me of when Yabuki had the first-ever company wide-layoffs in 2009 and one of the VPs from the executive suite made the tone-deaf move to advertise products from his winery in the employee lunchroom causing all kinds of upset amongst the front line workers.
Say what you want about Jeff as CEO. But the way he answered this question showed grace and class.
In his first annual shareholders meeting as Fiserv Inc.'s chief executive in 2006, Jeff Yabuki faced a hostile question from a stockholder who was troubled by how much the company had provided Yabuki for relocation expenses.
"They gave you moving expenses of $240,000. Where in the he-l did you come from? The moon?" the shareholder barked.
Yabuki, who joined Fiserv from H&R Block in Kansas City, handled it with humor, getting a laugh from the crowd gathered at Fiserv's Brookfield headquarters when he thanked the shareholder for bringing up that topic.
Then Yabuki said: "I would ask people to give us the next five, six, seven years to see how we do from a performance perspective. Hopefully, everyone will say that was the best money we ever spent."