NewPage under bankrupcty protection, but still wants a $3 million payout for 15 executives
November 28th, 2011 | Posted in Financial News | 2 comments »
NewPage Corporation may be under bankruptcy protection, but that hasn’t stopped the company from filing a motion with the U.S. Bankruptcy Court asking for approval for $3 million in a short-term incentive program to be split among 15 of its executives.
Who will get a share of the $3 million?
- Ronald J. Arling, Controller & Chief Accounting Officer
- Lee A. Bendtsen, Vice President, Operations Excellence
- Daniel A. Clark, Senior Vice President, Chief Administrative Officer
- Douglas K. Cooper, Senior Vice President, General Counsel & Secretary
- Steven J. DeVoe, Vice President, Marketing
- Jay A. Epstein, Senior Vice President, Chief Financial Officer & Assistant Secretary
- Glenn R. Grill, Vice President, Human Resources
- D. Wayne Howard, Vice President, Sourcing & Logistics
- Laszlo M. Lukacs, Senior Vice President, Operations
- George F. Martin, President and Chief Executive Officer
- Linda M. McClinchy, Vice President, Order Management
- Shelley L. Nash, Vice President, Sustainable Profitability
- Barry R. Nelson, Senior Vice President, Sales & Marketing
- Timothy D. Nusbaum, Treasurer
- Curtis H. Short, Vice President, Strategy
The $3 million, if approved by the court, will be paid to the 15 executives in two payments. The first payment will be earmarked for the second half of 2011, and the other, for the first half of 2012.
These 15 executives represent 0.25% of the company’s workforce. The company believes these executives play a pivotal role in restructuring the company, and this short-term incentive payout will provide incentive for the executives to continue to work tirelessly.
The terms and conditions of the company’s other incentive pay, the Long-term Incentive Program, are still under negotiation.
Source: NewPage Corp. (read the motion)
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Imagine being a dismal failure in your job and then expecting to be given a bonus for sticking around…it’s a damn fine gig if you can get it!
These are the very same decision-makers and leaders who have gotten the company to where it’s at right now…in bankruptcy protection. Would anyone else, who has proven to be as inept as this group of people, expect to be given a bonus….personally, I’d expect to be fired if I was as incompetent as this group. Some people have more gall than brains….the people listed here certainly fall into this category. Fire them all….let them go somewhere else where they can fail again.
the funniest part is , they probly will get it , cuz they deserve it, they need it so they can retire, cuz they know they’ll never get hired anywhere else after that, wonder why, lol