Executive compensation is published as part of the shareholder material for the annual meeting. Go read through the packet they sent you. In the meantime, enjoy these numbers as you think about how your benefits have been cut and harsh layoffs. Glad to see the company is taking care of these titans of industry.
It's roughly a 10 / 90 split between salary & stock awards:
Lee Tillman - $13.0MM
Dane Whitehead - $4.2MM
Pat Wagner - $3.5MM
Mike Henderson - $3.0MM
Kim Warnica - $2.3MM
don’t forget free lunch tomorrow
I get that it’s a business so there will always be changes that management needs to do that I may not enjoy or agree with, but it’s ridiculous to see a once great company change their model of success to a single metric: how much money the c-suite can make.
Oh this gets even juicier … let’s say they were granted $3 million in stock back in 2020 at $4 per share. Fast forward to the present and that same stock is now worth nearly $20 million!!! Makes our ltip cut even more painful, doesn’t it?
Here’s the play by play: layoff staff, cut employee benefits, issue stock to oneself, ride commodity price back up, increase buybacks, sell sell sell!!!
I left the company due to the privileged taking advantage of the worker bees. The executives are all about lining their pockets before the whole thing collapses around them. You see the yearly salaries these people make, not earn. If they were really living like the rest of us the would make their fortune and then vacation the rest of their days. For them it’s power, ultimate power. The rest of us would go enjoy the rest of our lives with family and friends. Power is their ultimate goal. They don’t care about you or your petty issues like gas money, healthcare cost, car repairs, child care, elderly parent care, etc. These things will never be issue for the elite C suite. They have people like us that they can use and abuse without anyone interfering. They are the 1%. They will never care, so why are you still working there? Get out of that he-l on earth, stop thinking about it.
They’ve shown it time and time again. MRO executives do what’s best for them, not the assets, not shareholders, and certainly not the employees. These guys are vultures picking on the carcass of a once great company.
but don’t forget the free lunches and pocketing 20 bucks a week
Lee, Pat, Mike, and Dane have been selling/dumping their MRO stock. Check out Yahoo financial insider transactions. Goes along with the stock buy back pumping of the stock price. Pump up the stock price and dump the stock. When the leadership team does not maintain a larger exposure to the company stock, they have no skin in the game. This will not have a good ending.
Lee sucks by every objective standard and Pat is even worse. Jokes. Highly paid, but total jokes that are viewed as clowns by analysts, bankers, and their peers. But Lee does have that cool race car driver suit.
Yes, the focus on stock buybacks only increases the value of the stock they give themselves. Just a way to funnel more money to upper management
but don’t forget those occasional mara bucks
Yeah I can see how our LTIP was really hurting the bottom line.. the worst part of the executive comp is that the share buybacks and dividend raises are basically methods for the executives to give themselves raises while sacrificing more attractive reinvestment opportunities.
Taking care of themselves before they sell off assets!