I overheard someone saying that Jack Massimino has not drawn a salary since Last June. I heard other Execs were doing something similar.
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What about the 3.5 million $ bonus. Bet he kept THAT!
759 is correct.
If they were doing that they would certainly have announced it. There's no way they're just not taking their pay.
I do not expect another annual report.
773 do you really think there will be a report?
Executive compensation is disclosed on the annual report. Let's wait and see if it's true.
Right from Jacks mouth on the conference call last week, the executive team took a 10% pay cut in August and are working the next 2 weeks for 50% of the 90%.
I don't believe it. But he shouldn't. He qualifies as a boss as good as the losers at Enron. Why should he get money for it?
I highly doubt the executive team is going without pay. They have/had one of the most lucrative bonus packages around. Unheard of for most public companies. SVP and above got up to 100% of their base pay “yes 100%”. VP received 75%, AVP 50%, Senior, Directors 35% and Directors 25%. This is for the Information Technology (IT) group and I suspect similar for other departments. They went to a quarterly bonus structure last year when things started to surface for low student starts and the mounting debt. This is another reason most executives aren’t lo king just yet and those who have are shocked the industry does not offer cushy compensation packages they are use to.
The architects of this mess going without pay? Let me get the violin......
I hear ya 36711
Instead of a salary, Jack now receives contributions to his legal defense fund......
I hardly believe that anyone at that level feels a pinch. They are not like the rest of us average Americans who live almost paycheck to paycheck. He probably just went into one of his many investments, his nest and took money out to hold him over. I don't have multimillion investments to pick out of. Or multiple homes I can sell off, or cars or boats. I don't have anything that will hold me over.
Good. About time they all felt the pinch.
I heard they started in Mid July.