How CEOs earn their big bonuses

This just in from the Rochester Business Journal.

A federal judge in Manhattan on Monday cleared Eastman Kodak Co. to pay up to $4.5 million in bonuses to 12 top executives and senior managers, along with a onetime cash payment of up to $1.5 million to its co-president and chief operating officer, Dow Jones Newswires reported.

Kodak CEO Antonio Perez

U.S. Bankruptcy Judge Allan Gropper approved the continuation of the bonus programs, which Kodak put in place before its January bankruptcy filing, Dow Jones reported. Co-President and COO Laura Quatela can earn $600,000 to $1.5 million based on how much money Kodak raises in its auction of its digital patent portfolio and how quickly such a sale closes.

An auction of those digital patents is slated for this week and could raise upwards of $2 billion. The digital patent auction is viewed as critical to Kodak’s emergence from bankruptcy.

The $4.5 million in bonuses would go to Kodak insiders and executives, including Chairman and CEO Antonio Perez, Dow Jones reported.  THE BONUSES ARE TIED TO KODAK’S FINANCIAL PERFORMANCE(My emphasis added)

via Rochester Business Journal.

So Kodak’s top executives are getting bonuses based the company’s financial performance after the company has filed for bankruptcy.  I shudder to think what would have happened (he wrote sarcastically) if Kodak’s financial performance had been really bad.

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2 Responses to “How CEOs earn their big bonuses”

  1. Anne Tanner Says:

    It must be so awful to work there now, with this kind of chicanery going on at the top levels–and in the courts.

    Like

  2. Joe Smith Says:

    It is horrible that Kodak claimed they didn’t make any money last year so they didn’t pay me my bonus before they laid me off. Now I see that the creditors listed in the bankruptcy are their own affiliates outside the USA?

    Now Kodak says the facility I worked at does make money and they will not move it to China. I knew that the plant makes over $20 million every year so I want my bonus. It was in my contract.

    Before I was let go, they forced me to sign a paper saying I wouldn’t sue. Well, you must give up to 30 days for a waiver signature in Ohio. Forcing me to sign was just corrupt, intimidating and illegal.

    Kodak is a bunch of liars and thieves! Kill yourselves and the world will be a better place. Thank you.

    Like

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