In the news today (from the Wall Street Journal):

“Eastman Kodak Co. said Chief Executive Antonio Perez received total compensation valued at $5.7 million in 2010, less than half of what he earned a year earlier as he missed the company’s performance targets.”

I worked at Kodak for 30 years.  I still have a mild interest in its future, though 90% of the people I knew there have left or have been laid off.

“This isn’t the first time Perez didn’t meet performance targets.  In 2008, he received none of his performance bonus.  This year he was eligible for 40% of the bonus, but after considering shareholder input, the compensation committee halved the award to 20%.”

Poor Mr. Perez.  Since he joined the company in April 2003, Kodak stock has fallen from $31.47 to $3.47, a loss of 89%.  If you were a retiree with $90,000 of Kodak stock when Perez came on board, you would have $10,000 today.  Congratulations, and good luck with those health insurance premiums.

“Kodak, which forecast another year of losses this year amid continued weakness in its film business, expects to become profitable in 2012.”

Yet another “wait til next year” for (remaining) Eastman Kodak investors and employees.  You might think that a board of directors, after seven years of such performance, might do something more than cut their CEO’s “award” from 40% to 20%.

Even the Pittsburgh Pirates, who have had 18 straight losing seasons, changed managers six times over this span.  I think the Pirates have better prospects.