Post by keystonejenks on Nov 11, 2009 13:15:33 GMT -5
As some of you may know I work in the building products industry. Our industry has been hit relatively hard by the recession. Fortunately, I work on the commercial side and we’ve fared slightly better than those on the retail side of things.
That being said, last year this time we were told there would be a salary freeze however they would still give us “slight” bonuses since we still performed well for the year. This is something we all were happy with since nobody was losing their job.
Well it didn’t take long for the bloom to fall off the rose. March of this year the President of my division announced his retirement. He’d been with the company 30 years. He got a $15 million thank you present as he walked out the door.
This started the grumblings. We were told salary freeze but they’re giving away a $15 million thank you!?!?!?!? He was replaced by a guy from the finance department and to me there were nothing but red flags. But wait, there is more…
A month after the President of my department left, it was announced we were closing down one of our plants. This really rubbed people the wrong way. We just gave one person $15 million but we’re closing down one of our lower cost plants because of SG&A (which really wasn’t that high). But wait, there is more…
Three months ago it was announced our CEO did some maneuvering and got himself a nice $11.5 million bonus check. You think people were red-faced around here at that news? You should have heard them when he had somebody fill in for him at the State of the Company address 2 days later. But there was a message from him saying “remember to be generous and give to United Way this year.” But wait, there is more…
This week it was announced that the finance guy that took over as President of my department was leaving the company. Yup, 9 months in the position and he was leaving for “personal” reasons. My theory is the reporter in the paper got it wrong and it should have been “personnel” reasons but I digress. He was with the company for 5 years and as his thank you, he was given a $2.5 million severance.
So, if you’re keeping track that’s almost $30 million for 3 people. It appears that “some” of us are in a recession, just not “all” of us.
That being said, last year this time we were told there would be a salary freeze however they would still give us “slight” bonuses since we still performed well for the year. This is something we all were happy with since nobody was losing their job.
Well it didn’t take long for the bloom to fall off the rose. March of this year the President of my division announced his retirement. He’d been with the company 30 years. He got a $15 million thank you present as he walked out the door.
This started the grumblings. We were told salary freeze but they’re giving away a $15 million thank you!?!?!?!? He was replaced by a guy from the finance department and to me there were nothing but red flags. But wait, there is more…
A month after the President of my department left, it was announced we were closing down one of our plants. This really rubbed people the wrong way. We just gave one person $15 million but we’re closing down one of our lower cost plants because of SG&A (which really wasn’t that high). But wait, there is more…
Three months ago it was announced our CEO did some maneuvering and got himself a nice $11.5 million bonus check. You think people were red-faced around here at that news? You should have heard them when he had somebody fill in for him at the State of the Company address 2 days later. But there was a message from him saying “remember to be generous and give to United Way this year.” But wait, there is more…
This week it was announced that the finance guy that took over as President of my department was leaving the company. Yup, 9 months in the position and he was leaving for “personal” reasons. My theory is the reporter in the paper got it wrong and it should have been “personnel” reasons but I digress. He was with the company for 5 years and as his thank you, he was given a $2.5 million severance.
So, if you’re keeping track that’s almost $30 million for 3 people. It appears that “some” of us are in a recession, just not “all” of us.
