Fat bonuses for Smurf’ execs
Smurfit-Stone Container top dogs are getting a whole wodge of wonga. Business reporter Betsy Cohen passed on the news of 2009 bonuses from a company apparently doing a fine job pulling out of bankruptcy.
All of such awards will be paid to the named executive officers in accordance with the terms of the 2009 MIP. Total awards earned under the 2009 MIP for the second semi-annual and full-year performance periods amounted to approximately $50.4 million, with approximately $8.1 million of such amount being awarded to executive officers.
According to the filing, chief executive officer Patrick Moore earned more than $1.5 million in bonus pay in 2009, a little more than the value of his salary.
Wonder how much it’ll cost Governor Brian Schweitzer to get a meeting with him. Remember this letter Schweitzer wrote to Moore?
“It is more than unfortunate that my efforts to establish direct communication with you about the future of Smurfit’s Missoula plant have been unsuccessful.”
A bankruptcy judge last month said Smurfit-Stone officials gotta talk turkey with Montana, and a conference call took place Monday. As of noon today, though, a meeting with the guv hadn’t been scheduled, according to his press office.
– Keila Szpaller
February 4th, 2010 at 9:24 pm
[...] Szpaller’s Missoula Red Tape has the story and the link to the SEC [...]
February 5th, 2010 at 7:59 am
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February 6th, 2010 at 9:18 am
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