Black_6_Leader
Well-Known Member
Back on February 03, 2009, Scott Davis made the following comments as a part of the 4Q2008 earnings conference call;
“We are adapting our company to the current environment. We are looking at everything; organizational structure, compensation, network configurations, products and services.
Other changes we’ve made include reduction of non-operating expenses through district and corporate consolidations. We’ve made adjustments in our Ground and Air networks worldwide to reduce costs and adapt to the market conditions. These initiatives total over $500 million and will partially offset the impact of continued economic weakness. In addition, we are freezing management wages, reducing other forms of compensation and suspending the company’s 401(k) match and other benefits.” http://seekingalpha.com/article/118...-inc-q4-2008-earnings-call-transcript?page=-1
But yet, in reading the proxy statement that was filed with the SEC (on page 27), we read the following: “While it expects to continue to monitor the effect of global economic conditions on the Company, the Compensation Committee is committed to the implementation of its plan to increase the total compensation of these three executive officer positions through increasing LTIP target award values ...”
http://idea.sec.gov/Archives/edgar/data/1090727/000095014409002206/g16486def14a.htm
Someone please explain to me how executive officers (are they not managers) can have their wages frozen but yet be increased at the same time??
“We are adapting our company to the current environment. We are looking at everything; organizational structure, compensation, network configurations, products and services.
Other changes we’ve made include reduction of non-operating expenses through district and corporate consolidations. We’ve made adjustments in our Ground and Air networks worldwide to reduce costs and adapt to the market conditions. These initiatives total over $500 million and will partially offset the impact of continued economic weakness. In addition, we are freezing management wages, reducing other forms of compensation and suspending the company’s 401(k) match and other benefits.” http://seekingalpha.com/article/118...-inc-q4-2008-earnings-call-transcript?page=-1
But yet, in reading the proxy statement that was filed with the SEC (on page 27), we read the following: “While it expects to continue to monitor the effect of global economic conditions on the Company, the Compensation Committee is committed to the implementation of its plan to increase the total compensation of these three executive officer positions through increasing LTIP target award values ...”
http://idea.sec.gov/Archives/edgar/data/1090727/000095014409002206/g16486def14a.htm
Someone please explain to me how executive officers (are they not managers) can have their wages frozen but yet be increased at the same time??
