Winn-Dixie, bankrupt, awards CEO $1.15 mlllion bonus
 

for " a heck of a job " :thumbsup

NEW YORK, Feb 10 (Reuters) - Winn-Dixie Stores Inc. (WNDXQ.PK: Quote, Profile, Research), a grocer operating under bankruptcy protection, on Friday said it had awarded chief executive Peter Lynch a $1.15 million bonus, provided he remains in his job at least through Aug. 31.

Jacksonville, Florida-based Winn-Dixie said Lynch would forfeit the retention bonus if the company fires him for cause, or he leaves without good reason and not because of a disability.

The bonus is net of taxes, and requires approval by a Florida bankruptcy judge. Lynch became chief executive in December 2004.

Winn-Dixie filed for Chapter 11 protection from creditors last February, after losing market share to such competitors as Wal-Mart Stores Inc. (WMT.N: Quote, Profile, Research) and privately-held Publix Super Markets.

The company announced Lynch's bonus less than two weeks after saying its common shareholders would probably receive little or no value for their stock. Winn-Dixie in December said it expected to emerge by June.

Winn-Dixie disclosed the retention bonus in a regulatory filing. The company's shares closed Friday at 20.5 cents, down less than half a cent.

http://today.reuters.com/business/ne...D=nN1 0385875

that is so fucked up

Well to keep someone around running them through bancruptcy they do need to pay them.

of course! that's how corporations work.

Government controlled stores would be better. It worked awesome in the USSR.

Golden rule. The richer get richer the poor get poorer.

Amazing how you answer without reading even the title ...

That is a BONUS !!! Do you know what a BONUS is ? Do you think it is " instead " of a SALARY ?

I have always been under the impression that a BONUS is on TOP of a SALARY ... stupid me !

You are an idiot, as usual ... Your reply has no relevancy ... Where do you see " Government controlled ", where do you see USSR ???

INVESTORS ( re: capitalistic system ) got fucked by EXECUTIVES ( re: capitalistic system ) and it is OK by you ...


You have nothing to say, so you spurt out another one of your numerous idiocies ....

That is fucked up.

Doesn't seem like he deserves a bonus if the company he runs is in bankruptcy.

Hell - let me run it. I can run a company into the ground just as good as the next guy :1orglaugh

CEOs are always way overpaid.

and? if you want a ceo you have to pay. i don't know if this guy is a good turnaround manager but if he is, thats not a big salary. options might have been a better way but who knows if he would have accepted.

chances are the new equity holders will be the old debt holders. thats usually how it goes in bankruptcies

Dumbass, a CEO won't work for a base salary only. Bonuses are expected, discussed, and understood by those with a clue.

That 1 million isn't that much compared to the size of the company. It's almost like an affiliate program giving a $100 bonus to a designer for doing a good job. It sound like a lot of money, but very few people can run a company with 30k employees and 10 billion in annual revenues...

stop crying you fucking hoser

It is pretty funny that a bankrupt supermarket chain was one of the lead sponsors when the super bowl was held in J'Ville last year. :helpme

Doesn't surprise me, happens all the time

Hey you're bankrupt, quit trying to gain more customers to pull yourself out of it to save thousands of jobs. Instead you should just close down completely.

It amazes me such outrages continue in this World with Inspector Directfiesta on duty. It's almost like reporting things on GFY is ineffectual at changing anything.