December Dick of the Month: Hostess Executive Board

As many of you might be aware Hostess has taken measures to start liquidating assets and selling off everything it has rights to.  This is because even though they take in around 2.4 BILLION dollars a year, they can’t pay their bills.  They went so far as to commit fraud by taking money out of employee pays that were earmarked for the pension plan and for over a year they used that money to fund the company, not giving it over to the pension fund.

The company, undergoing liquidation, will cut 18,000 jobs.  The 3,200 jobs that remain will receive a pay cut.  Except the newly appointed CEO who has avoided the pay cut (he was the one who designated the pay cut, BTW) and he will continue to make $125,000…a month.  Yes, for properly overseeing the liquidation of a company because it was mismanaged and fradulent…he will be paid $1.5 million a year.  And that’ just in salary, that’s not including if he gets any bonuses for doing a ‘good job’ in dismantling the mismanaged company.

Speaking of bonuses, let’s get down to the second reason why the Hostess Execs (of which there are about 19, the new guy George Rayburn makes 20) win Dick of the Month for December.  You see while they were destroying such an iconic brand as Hostess and pocketing 1.1 million dollars a month from the employee’s pension funds, they were also scheduling themselves to receive 1.8 million dollars in bonuses.  If that’s split equally that means that each person on the executive board will be paid roughly $95,000, on top of their million dollar salaries.  With the chances for higher bonuses being paid out to certain executives who do a good job in the dismantling of their poorly run company.

It’s entirely plausible the employees won’t get their money back, at least not in full, and the pension fund may even go under; especially if the fund is managed as poorly as the company itself was.  But the executives will be paid in full, plus bonuses, plus the chance to get more bonuses, while 18,000 people are walking to the unemployment line with no pension.

Here’s the list of executives (that I could find, at least) in case anyone wants to go on a vigilante uprising to avenge the beloved Hostess name.

Da-da-da da, dun-dah!  Twinkie power!

Da-da-da da, dun-dah! Twinkie power!

Okay, so maybe not…but here are the names anyway:

Gregory Rayburn (CEO), John   Stewart (CFO), Michael D. Kafoure (COO), Thomas S. Bartoszewski, Robert A. Campagna, Kent B. Magill, Robert P. Morgan, Steven V. Proscino, Jacques E. Roizen, Richard C. Seban, John T. Cahill, Robert B. Calhoun Jr., Terry Peets, and William P. Mistretta.

So Hostess Execs, you are the undisputed December Dicks of the Month!



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