{"id":816,"date":"2011-03-30T21:14:01","date_gmt":"2011-03-31T01:14:01","guid":{"rendered":"http:\/\/chcollins.com\/100Billion\/?p=816"},"modified":"2022-08-01T07:43:24","modified_gmt":"2022-08-01T11:43:24","slug":"cellar-dwellers","status":"publish","type":"post","link":"https:\/\/chcollins.com\/100Billion\/2011\/03\/cellar-dwellers\/","title":{"rendered":"Cellar Dwellers"},"content":{"rendered":"

In the news today (from the Wall Street Journal<\/a>):<\/p>\n

“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.”<\/p>\n

I worked at Kodak for 30 years.\u00a0 I still have a mild interest in its future, though 90% of the people I knew there have left or have been laid off.<\/p>\n

“This isn’t the first time Perez didn’t meet performance targets.\u00a0 In 2008, he received none of his performance bonus.\u00a0 This year he was eligible for 40% of the bonus, but after considering shareholder input, the compensation committee halved the award to 20%.”<\/p>\n

Poor Mr. Perez.\u00a0 Since he joined the company in April 2003, Kodak stock has fallen from $31.47 to $3.47, a loss of 89%.\u00a0 If you were a retiree with $90,000 of Kodak stock when Perez came on board, you would have $10,000 today.\u00a0 Congratulations, and good luck with those health insurance premiums.<\/p>\n

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

Yet another “wait til next year” for (remaining) Eastman Kodak investors and employees.\u00a0 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%.<\/p>\n

Even the Pittsburgh Pirates, who have had 18 straight losing seasons<\/a>, changed managers six times over this span.\u00a0 I think the Pirates have better prospects.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-816","post","type-post","status-publish","format-standard","hentry","category-commentary"],"_links":{"self":[{"href":"https:\/\/chcollins.com\/100Billion\/wp-json\/wp\/v2\/posts\/816","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/chcollins.com\/100Billion\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/chcollins.com\/100Billion\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/chcollins.com\/100Billion\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/chcollins.com\/100Billion\/wp-json\/wp\/v2\/comments?post=816"}],"version-history":[{"count":11,"href":"https:\/\/chcollins.com\/100Billion\/wp-json\/wp\/v2\/posts\/816\/revisions"}],"predecessor-version":[{"id":3821,"href":"https:\/\/chcollins.com\/100Billion\/wp-json\/wp\/v2\/posts\/816\/revisions\/3821"}],"wp:attachment":[{"href":"https:\/\/chcollins.com\/100Billion\/wp-json\/wp\/v2\/media?parent=816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/chcollins.com\/100Billion\/wp-json\/wp\/v2\/categories?post=816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/chcollins.com\/100Billion\/wp-json\/wp\/v2\/tags?post=816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}