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Ex-Kodak Employees Not Happy About Massive Executive Bonus Plan

Kodak’s ongoing request to dole out millions of dollars in bonuses to executives in the midst of its bankruptcy struggles has been met with plenty of criticism, but perhaps none more so than from former employees who are anxiously waiting to see whether their pensions and benefits will be affected. The Wall Street Journal writes,

In letters filed to Kodak’s bankruptcy docket Wednesday, Richard Pignataro and Cecil D. Quillen Jr. said it’s not fair for Kodak to reward executives while they and other former Kodak workers face the risk that the company could seek to trim or modify their benefits.

“To reward people with money that should go to us and for reducing our potential payout is grossly unfair and I ask that you reconsider this bonus plan and most importantly assist us to retain what we worked so hard to earn,” Pignataro wrote in a letter dated July 16.

Kodak’s plan proposes to set aside $8.8 million in cash and deferred stock for 15 “key management employees,” including nine executives, deemed “essential” to Kodak’s ability to successfully restructure.

Ex-Kodak Employees Blast Bonus Plan [WSJ]


Image credit: money cash hoes by RiverRatt3


 
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  • http://twitter.com/gabesturdevant gabe sturdevant

    $590,000 per person for running the company into the ground, killing off film, and ruining good products? Sounds about right for the times.

  • Mantis

    Are we ready for the guillotines yet?

  • rtfe

    that photoshop job at the top is amazing!!! look at that money actually burning

  • 9inchnail

    That’s a reasonable sum of money. There have been so many executives who got millions when the financial market crashed and their companies were ruined. 590.000? That’s peanuts.

    But the people demand their fair share and they wrote an angry letter. Watch out, executives, there might be some harsh words in there.

    So ridiculous. People are always making fun of France and call them cowards but those people protest in the streets or take their bosses hostage until they get fair negotiations. But keep writing your letters, that’s gonna impress them just as much.

  • bayek

    Also, I love the job on the chain around his neck. Nothing on it, yet, the gravity is pulling it down hard :)

  • http://www.facebook.com/xsportseeker Renato Murakami

    Oh-ho, I think we all heard this music pretty recently… replace Kodak with famous banks, replace workers with workers plus clients.
    These workers will hear from Kodak saying how they are analysing the case carefully, and how they care for the years of work dedicated to the company, but will ultimately screw them over by giving the bonus while reducing their payout anyways.
    In fact, I heard of a similar case not long ago regarding some big game company that went bankrupt, or something close to that.
    In the end, management and top executives will always find a way to close doors while keeping enough to live a while without having to worry about money, which will always be a large sum considering their current lifestyles, even when the cost for that is tens, hundreds or thousands of futures for workers…

  • http://www.facebook.com/Ziplock9000 John Stock

    As ex employees, what business is it of theirs anyway now?