2008 was a very good year to be a Furniture Brand's Executive. The Board created eligibility for bonuses based on free cash, market share and other nifty metrics that amounted to a multi-million dollar give-away to top executives.
If you mismanage your assets and your inventory and then subsequently have to sell that inventory at discounts so deep your product ends up at Big Lots you better work at Furniture Brands. The Scozz managed to register a 75% gain over his 07' salary . That's nice. We'd like to ask the Board where the shareholders fall in the line of payouts?
Total Compensation:
Scozzafava: $4.8 million
Rolls: $2.2 Million
Cook: $2.3 Million
Holliman $1.6 Million
Isaak: $715k
Sweetman: $1.6 Million (can someone explain to me what vital function HR performs that requires a $1.6 million dollar salary? To put this in perspective, CEO of Goldman Sachs Llyod Blankfein made less than Sweetman last year)
Chipperfield: $2.1 Million
Foy $2.1 Million
Sweetman is a major cause of the problem. Very manipulative and very non-employee focused. Clearly doesn't add value, but must have something going on. That salary is outrageous, particularly considering what the brand CEO's made during the good times! Pitiful.
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