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Someone, please tell me the truth?
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<blockquote data-quote="Black_6_Leader" data-source="post: 501260" data-attributes="member: 9413"><p><span style="font-family: 'Arial'">Back on February 03, 2009, Scott Davis made the following comments as a part of the 4Q2008 earnings conference call;</span></p><p></p><p></p><p> <span style="font-family: 'Arial'">“<em><strong>We are adapting our company to the current environment</strong></em>. We are looking at everything; organizational structure, compensation, network configurations, products and services.</span></p><p></p><p></p><p> <span style="font-family: 'Arial'">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, <em><strong>we are freezing management wages, reducing other forms of compensation </strong></em>and suspending the company’s 401(k) match and other benefits.” <a href="http://seekingalpha.com/article/118225-united-parcel-service-inc-q4-2008-earnings-call-transcript?page=-1" target="_blank">http://seekingalpha.com/article/118225-united-parcel-service-inc-q4-2008-earnings-call-transcript?page=-1</a> </span></p><p> </p><p> <span style="font-family: 'Arial'"> 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, t<u><em><strong>he Compensation Committee is committed to the implementation of its plan to increase the total compensation of these three executive officer positions </strong></em></u>through increasing LTIP target award values ...”</span></p><p> <span style="font-family: 'Arial'"><a href="http://idea.sec.gov/Archives/edgar/data/1090727/000095014409002206/g16486def14a.htm" target="_blank">http://idea.sec.gov/Archives/edgar/data/1090727/000095014409002206/g16486def14a.htm</a> </span></p><p> </p><p> </p><p> <span style="font-family: 'Arial'">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?? </span></p></blockquote><p></p>
[QUOTE="Black_6_Leader, post: 501260, member: 9413"] [FONT=Arial]Back on February 03, 2009, Scott Davis made the following comments as a part of the 4Q2008 earnings conference call;[/FONT] [FONT=Arial]“[I][B]We are adapting our company to the current environment[/B][/I]. We are looking at everything; organizational structure, compensation, network configurations, products and services.[/FONT] [FONT=Arial]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, [I][B]we are freezing management wages, reducing other forms of compensation [/B][/I]and suspending the company’s 401(k) match and other benefits.” [URL]http://seekingalpha.com/article/118225-united-parcel-service-inc-q4-2008-earnings-call-transcript?page=-1[/URL] [/FONT] [FONT=Arial] 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, t[U][I][B]he Compensation Committee is committed to the implementation of its plan to increase the total compensation of these three executive officer positions [/B][/I][/U]through increasing LTIP target award values ...”[/FONT] [FONT=Arial][URL]http://idea.sec.gov/Archives/edgar/data/1090727/000095014409002206/g16486def14a.htm[/URL] [/FONT] [FONT=Arial]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?? [/FONT] [/QUOTE]
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