Someone get the Raid!

March 13, 2007

images3.jpegAs more and more proxies are filed, all sorts of secrets are starting to see the light of day. It kind of reminds me of my days of living in an apartment in Brooklyn and watching the roaches scurry when the lights were turned on.

For example, late yesterday, Whirlpool (WHR) disclosed in its proxy that they allow top executives “the limited use of Whirlpool owned and leased property” but provides few details other than that it includes a hotel room in Chicago that is primarily used for business purposes, but can also be used for “personal purposes” when the room is unoccupied. A quick skim of Whirlpool’s 10-K doesn’t turn up any additional disclosure on what other properties might be in the mix, but the disclosure clearly implies that they’re talking about more than a single hotel room in Chicago. Otherwise, why mention that there’s also owned property involved?

Equally interesting in the the company filed late yesterday was a disclosure about a longtime director’s son, Gary Langbo, who works as a manager in Whirlpool’s marketing department and made $231K last year. Though the proxy notes that Langbo’s dad, Arthur, “was not involved in the recruiting or hiring of his son”, the elder Langbo happens to be head of Whirlpool’s HR committee.

Stay tuned. Proxy season is starting to become pretty interesting and the roaches are starting to scurry!

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