8:00 AM -- BellSouth's big chief is going to make a pile.
Last year, SEC filings show, BellSouth CEO Duane Ackerman pulled in $1.36 million in salary, $2.23 million in bonuses, and about $80,000 in "other" compensation (aircraft and car allowances, etc.).
After a $3.4 million year, Ackerman has an even bigger pile to look forward to if BellSouth's merger with AT&T goes through as announced. According to SEC filings:
In such event, in their current positions, each of Messrs. Ackerman, Feidler, Anderson and Dramis would receive payment of an amount equal to three times his annual base pay plus three times his standard annual bonus, plus an immediate cash-out of his bonus for the year of termination.
So, conservatively, Ackerman's looking at a nearly $11 million payout, not including his cash-out bonus amount, which wasn't disclosed. It's always best to have these figures in mind before the M&A-related job cuts start in earnest…
re: Duane's Dollars Days re: "Now, now. I'm not suggesting by my reportage that Duane is evil for making money."
Understood and agreed Phil. Any real or implied association with evil, Hell, Satan, or religion are purely mine
There was a definite implication in your Blog that;(my analogy) while Duane's money bags are being filled there would be some parrallel efforts to "rationalize" (i.e. Layoffs) the post merger company operations.
Seems like a cruel,ironic, but all to common occurrence in corporate America. Not that things have changed all that much over the years. I just think we are all more aware that it is going on.
Your suggestions about excessive scratch are right on target. Duane must rationalize why he deserves the beni's and perks he is getting. Not to any of us, or even the shareholders, but to himself. When we start lying to ourselves to justify our acts, we are in deep trouble.
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