Where's the blow-up moneybags CEO rat?
04-02-2012, 09:13 PM
#11
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Joined APC: Dec 2007
Posts: 125
The way they went about it probably wasn't the best strategic move. How do you explain to the bankruptcy court that you have the money to increase executive pay 1/2 million but you can't afford to properly pay your employees? I realize it really isn't even that much money but it is the principle.
04-02-2012, 09:30 PM
#12
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Joined APC: Jun 2007
Posts: 673
The way they went about it probably wasn't the best strategic move. How do you explain to the bankruptcy court that you have the money to increase executive pay 1/2 million but you can't afford to properly pay your employees? I realize it really isn't even that much money but it is the principle.
04-03-2012, 12:12 AM
#14
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Joined APC: Dec 2007
Position: EX - OHJFKCRJFO
Posts: 836
04-03-2012, 12:16 AM
#15
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Joined APC: Dec 2007
Position: EX - OHJFKCRJFO
Posts: 836
There are Fedex pilots in MEM who make more than Menke.
He could leave tomorrow and get a senior level management job in any other industry for the same or more money.
He took a pay increase because his stock is worthless, and the BOD realized it was worth having a real CEO in charge of restructuring, rather than some Memphis bred bozo.
Stop the irrational envy and focus your energy on something productive, like finding a better job.
He could leave tomorrow and get a senior level management job in any other industry for the same or more money.
He took a pay increase because his stock is worthless, and the BOD realized it was worth having a real CEO in charge of restructuring, rather than some Memphis bred bozo.
Stop the irrational envy and focus your energy on something productive, like finding a better job.
Heck they were paying the ex ceo 250k more than the current!
04-03-2012, 12:23 AM
#16
Gets Weekends Off
Thread Starter
Joined APC: Dec 2005
Posts: 156
There are Fedex pilots in MEM who make more than Menke.
He could leave tomorrow and get a senior level management job in any other industry for the same or more money.
He took a pay increase because his stock is worthless, and the BOD realized it was worth having a real CEO in charge of restructuring, rather than some Memphis bred bozo.
Stop the irrational envy and focus your energy on something productive, like finding a better job.
He could leave tomorrow and get a senior level management job in any other industry for the same or more money.
He took a pay increase because his stock is worthless, and the BOD realized it was worth having a real CEO in charge of restructuring, rather than some Memphis bred bozo.
Stop the irrational envy and focus your energy on something productive, like finding a better job.
Wow that place is better than I thought!
Maybe you need to read his contract... not to mention how much money he will get when this whole thing is done.
04-03-2012, 03:23 AM
#17
Line Holder
Joined APC: Mar 2012
Posts: 42
Resurrect the rat!!!
I realize the need to keep executive level management through bankruptcy. I think everyone should be paid commensurate with their skills and the service they provide to the company. The problem is that is not the case there. Many people are not being paid properly, the wages are still low, and the quality of life for many employees is non-existent. Yet, the CEO can afford to give himself a massive raise just prior to bankruptcy. Yes, this is business and sentimentality really has no place, but it just looks bad. It shows no buy-in on his part and no true faith that the company will survive (he gave up his long term stock options). Smart business? Sure. An ********* thing to do? Most definitely.
I realize the need to keep executive level management through bankruptcy. I think everyone should be paid commensurate with their skills and the service they provide to the company. The problem is that is not the case there. Many people are not being paid properly, the wages are still low, and the quality of life for many employees is non-existent. Yet, the CEO can afford to give himself a massive raise just prior to bankruptcy. Yes, this is business and sentimentality really has no place, but it just looks bad. It shows no buy-in on his part and no true faith that the company will survive (he gave up his long term stock options). Smart business? Sure. An ********* thing to do? Most definitely.
04-03-2012, 06:06 AM
#18
Living the Dream
Joined APC: Feb 2011
Position: Another RJ CA
Posts: 90
If Menke wanted to inspire any sort of confidence in his company's long term viability he would look for long term pay incentives instead of a huge short term gain in compensation. Any decent CEO would lead his company through bankruptcy by setting an example and being a beacon of hope that things will work out for the better on the other side of bankruptcy. After the bankruptcies of 2001 nearly all CEOs reduced or took no compensation. Instead when his company needs liquidity the most, he doubles his salary and sucks funds out of the failing company.
Menke has shown that he is not committed to this company and his only loyalty is to the highest paycheck. How can Menke feel justified that the difficulties "his family will endure" through bankruptcy are worthy of $675,000 while he is putting thousands of employees on the street with no income and thousands more will suffer pay cuts and quality of life decreases?
This bankruptcy was entirely caused by failures of executive management to properly bid for contracts, merge three airlines, and reduce overhead costs and duplicate positions. Menke has started to fix the situation by dropping the unprofitable contracts, but has yet to fix the other issues facing Pinnacle. If and when Menke leads Pinnacle back to profitability he deserves to be well rewarded for his work.
There should be no compensation for inept management until the company is returned to profitability.
Menke has shown that he is not committed to this company and his only loyalty is to the highest paycheck. How can Menke feel justified that the difficulties "his family will endure" through bankruptcy are worthy of $675,000 while he is putting thousands of employees on the street with no income and thousands more will suffer pay cuts and quality of life decreases?
This bankruptcy was entirely caused by failures of executive management to properly bid for contracts, merge three airlines, and reduce overhead costs and duplicate positions. Menke has started to fix the situation by dropping the unprofitable contracts, but has yet to fix the other issues facing Pinnacle. If and when Menke leads Pinnacle back to profitability he deserves to be well rewarded for his work.
There should be no compensation for inept management until the company is returned to profitability.
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