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While reading the proxy that McKesson Corporation (MCK) filed June 21, we found ourselves scouring the document for evidence of a new executive position – the Chief Horticultural Officer. Our suspicion is that this elusive scientific genius somehow managed to transform the pachira aquatica (commonly called a “money tree”) into the real thing. Why? Well, [...]
Earlier today, Theo reported that Cablevision spent about $5.2 million to provide its top executives with goodies such as dividends, deferred comp, and some pretty sweet perks (e.g., cars and drivers, “executive home security,” and even free cable!). So surely the nation’s largest cable provider, Comcast Corp., (CMCSA) isn’t going to be outspent by a [...]
Nearly a decade ago, I penned a short story for the now-defunct Mutual Funds magazine about a company called Mirant. The gist of the story was that while Mirant looked, smelled and was even created in the image of Enron, it was not another Enron. No siree Bob! Indeed, several analysts (whose firms had no [...]
Three cheers for performance-based incentive awards! That’s the bedrock of American-style executive compensation, right? Pay for performance: It’s good for shareholders, the tax code encourages it, and such (we imagine) is the stuff of Pay Czar Ken Feinberg‘s dreams. Take AOL (AOL) and the proxy it filed Tuesday: In general, the elements of compensation reflect a [...]
In the wake of 2007’s credit freeze and 2008’s $4.00+ per gallon gasoline prices, we thought that Winnebago’s (WGO) filings yesterday (an annual report here and a proxy here) might be interesting. Winnebago, which manufactures the iconic “mobile dwellings” that lumber along America’s interstates, has indeed taken a financial hit. Yet the filings also contained some optimistic [...]
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