He was a tough boss, don’t kid yourself. But we were able to purchase stock at a 15% discount and it grew double digits every year. That way everyone could accumulate wealth. Now that whole part of our compensation is gone. That’s a huge pay cut.
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Oh and by the way Frank destroyed the Living Proof system. In OFS we could give up to $1,000, I think the limit now is like $100. Basically worthless.
“ We have a stock buy back at 5%, a 3% 401k match and everyone manager and above gets stock as part of their bonus, we also have a great recognition and reward program living proof.”
Are you trying to say this is a good thing? In OFS we had 15% stock discount, same 3% 401k match and we got our bonuses in cash. The stock as part of the bonus was taken out of the cash not given as extra. By doing it that way it was more of a punishment than a perk. Now if they said Managers you still get your 10% cash but we will give you an additional 10% stock, now that would have been nice.
If you go way back in OFS we had a profit sharing program that Yabuki ended because it wasn’t popular with staff. Yeah it wasn’t popular because they refused to put more than 1% in it. It started close to 6% then the max was 3% then nothing.
Basically everyone at OFS got a cr-p bonus unless you were a VP or higher. With OFD some Director levels got some good bonuses though. I bet the VP’s were even better.
At OFS the 401K match was a max of 3% as long as your contribution was at least 6%. That is how I remember it...
3% 401k match?
Didnt it used to be 6%? AND they took it away for a year...
We have a stock buy back at 5%, a 3% 401k match and everyone manager and above gets stock as part of their bonus, we also have a great recognition and reward program living proof.
Jeff did more than his fair share of layoff-lottery, though, and a MASSIVE part of that toxic leadership did take root and grow under him, even pre-FD.
...and worst of all, he did perform the ultimate eff-you and sell out, running off to Malibu and leaving everyone at the tender mercies of Frank.
True but during that timeframe the company grew organically not that there were not missteps. Stock buy backs and cutting staff only goes so far.