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Kodak CEO Antonio Perez “Prioritizes His Compensation Even Amid Bankruptcy”

Respected stock market analysis website Seeking Alpha doesn’t think too highly of the way Kodak CEO Antonio M. Perez is leading the beleaguered photo company:

It would not be the first time that Mr. Perez, who became CEO of Kodak in 2005, has attempted to receive a large payment for his services to the detriment of his company. We had concerns about Kodak’s compensation policies in May 2010, when we noted practices such as Mr. Perez’s having amended (for the fourth time) his initial employment agreement and received an ad hoc award of 500,000 stock options at a low exercise price of $4.54 in October 2009 for “retention purposes.” Although Mr. Perez’s compensation decreased by around 55% year over year to $5.7 million in 2010, it remained grossly disproportionate compared to those of his subordinates, given that the median pay for Kodak’s other named executive officers was only $1.1 million. This suggests that Mr. Perez’s board – which he also chairs – allowed him so much freedom that he was able to prioritize his own interest ahead of his staff, customers and investors.

Earlier this month, Kodak was given permission to stop providing health and welfare benefits to tens of thousands of retirees. The move came just months after the company asked for permission to hand out $13.5 million in bonuses to 300 executives and employees.

Kodak’s CEO Prioritizes His Compensation Even Amid Bankruptcy [Seeking Alpha]


 
  • http://www.purseblog.com/ Vlad Dusil

    Farkin’ douche. Nuff said.

  • kokutus33

    well what a suprise.. CEO´s are greedy c*cksuckers…. tell us something new.

    that´s why i NEVER have any pity with bankers or managers at all

  • kokustuis

    yep as manager you can be a complete loser but still get plenty of cash ruining a company….

  • Samuel

    People at the top get million dollar bonuses and the people at the bottom get fired. Its the way its been for decades. I am sad to say i am not surprised.

  • eraserhead12

    funny, when my dad went to my public university, the president of the entire system only earned about $80,000. Now, among budget cuts and tuition hikes, the current pig makes closer to $1,000,000. just goes to show you how unnecessary the bloated salaries are.

  • http://twitter.com/IEBAcom Anthony Burokas

    With leadership like this, Kodak has been doomed for a long time.
    It’s only when leaders actually care about their company, the employees, the product… that a company succeeds. For example, take, oh, Apple for the past decade.

  • http://shashinkaichiban1.wordpress.com/ shashinka

    One more reason why I think Kodak is getting what it deserves. If this is the way the company is run, then it’s best to let go of the by-gone days of yore, ad move ahead in a photography world without the modern Kodak Company.

  • Guest

    as someone working in a bank (although as a software developer) i kindly ask you to differentiate between the “normal” workers in a bank (about 80%-90%) and the “banksters” (the whole upper management (incompetent idiots, c*cksuckers and the like) and some parts (also the upper/management part) of the private banking & asset management area). most people working at a bank are just normal workers doing normal stuff and get paid normal salaries and are just as pissed off by banksters as the rest off the world. and if you hear of some people getting laid off because of some bad stuff you can be sure that it’s usually just some underpaid worker which had to take the blame (because he happened to be the unlucky guy who last touched a file even though he had nothing to do with all the rest and couldn’t even have known about it because he only got a very small part of the information). seldom one of the ‘bad guys’ has to go (usually they’ll just switch to another bank or even come back to the same one again after about half a year – because people will have forgotten by then. and for that half year they travel the world with the nice good-by gift they got).

    thanks. :)

  • Richard

    This is the face of the prick that basically killed one of the greatest companies of all time.

  • kirkandorules

    Eh, even if executives were paid $0, you’ll still have plenty of situations where people “at the bottom” get fired. That’s just how business works – if nobody’s buying your product, you end up with more workers than work. You either let people go, or you end up paying people to stand around.

    This guy’s salary is equivalent to less than one one-hundredth of a percent of Kodak’s annual revenue – his management may have killed the company, but his salary didn’t.

  • http://twitter.com/hnrkisbn hnrk isbn

    No, just the last one holding the knife.

  • Danie Bester

    Spoiling George Eastman’s legacy of being a generous giver. Sad indeed.

  • madmax

    A compensation for ruining Kodak?

  • http://www.facebook.com/owen.hardy.14 Owen Hardy

    Why is Perez allowed to destroy his once wonderful company while filling his own wallet. I don’t get it when anyone else would be in jail. It makes me sick to see this play out in an area I love with some of the best hard working people, a child could run this company a do a better job blindfolded. He should be fired immediately ,(I forgot he runs the board) Talk about your cake and eating it to!!!!!!!!!

  • SadToHaveLeft

    Perhaps, but Antonio was brought on to lead the transformation once the company realized (finally) that it was in trouble. Antonio was a terrible leader who never really figured out Kodak and blew billions of dollars on half-baked transition strategies and re-hashed HP strategies that were 10 years too late(ie digital printers). Most of the middle and senior management who actually understood the new digital parts of the business were largely ignored, and the newer acquisitions were systematically recked by idiotic corporate processes (and legacy leaders) that couldn’t adjust to the newer business requirement. After 8 years with Kodak Antonio has never should an ounce of truly understanding the real operations or how any understanding on how to transition a company. He has let the company bleed to death for year after year, and failed to pull together a stable brand or market position moving forward. So yes… I very much blame Antonio. I’m not saying his job was an easy one, but his actions were a total fail. The idea that this guy is trying to get big bonuses is just repulsive!