Our Self Serving Board

We have learned that the majority of the agenda for the December 16, 2013 meeting was the Board taking care of the Board.  Proof yet again that this Board’s interests are not in the Company, not in the stakeholders but heavily weighted in the shareholders and their own wallets.

Keep in mind that this was the same meeting where they decided not to give the $30million to the associates in the form of additional bonus and profit sharing monies…

What we hear is that three items on that agenda were:

  • Voted compensation at the committee rate for Ron Weiner for serving as a trustee on the profit sharing plan. This marks the very first time since the plan’s inception in 1963 that a trustee has been compensated. Harold Sullivan was retired and served 12 years as a trustee with no compensation.
  • They took into consideration the results of the Directors’ Compensation study (yes, a paid study to see if they should get a raise. Who paid for this study? You and me, that’s who). What this means is that they feel they should get a raise for serving on our board. We don’t know if they voted on it or not but you can be sure that, like Congress, they will surely be granting themselves a raise in the near future.

       Scorecard for extra $ at this meeting: Board members 2, Associates 0.

  • They also voted to indemnify Eric Gebaide as they have voted to indemnify Ron Weiner and Keith Cowan. What this means is that should any one of these Indies  be sued by the company or a shareholder for any wrongdoings, no matter how egregious, they will face no personal risk and that the company will pay for any legal fees. Total protection for their actions and once again, we foot the bill.

We have in the past pointed out the many ways in which the Board has set its sights on enriching the shareholders at the expense of the stakeholders. This clearly points out how they are now bent on enriching themselves, again at our expense. These out of town, out of touch men want to get as much money as they can from our company while they continue to ignore our impassioned pleas for them to simply stop and take a breath along their road to killing the very company they want to enrich themselves from. The irony is absurd!

It is one thing to try and cloak yourself in a farcical independent label while you work for a sociopathic man who is driven by hate and greed. It is wholly another to vote yourself a raise while doing it. These gentlemen are not shareholders nor are they stakeholders. They are the very definition of carpetbaggers and we need to let them know that a pay raise, even one as small as a penny, is not acceptable. Let them know that we are watching and that if they think we are annoying now, just wait until they vote in favor of this. Not to mention the fact that they mentioned three times in their website rant about profits being down, so you are going to vote yourselves a raise and a pat on the back for a job well done. How many associates would love to have a raise after working for only six months like Mr. Weiner or two months like Mr. Gebaide.

This should serve as yet more concrete proof to all of us this this Board can be dealt with in only one way. They have no interest in doing anything for our Company other than filling the wallets of the shareholders, and while they’re at it, filling their own wallets. This Board has to go and we need to get a truly independent Board in place. As always, we encourage you to write them and let them know what you think.

Keith Cowan: keith.cowan@gmail.com

Ron Weiner: ron@pwcpa.com

Eric Gebaide: efgebaide@yahoo.com

Comments

  1. CINdy Whelan says:

    Every god damned day… Emailing! My New Years resolution and cc every one of them! One a day every day! Who’s with me? I am done playing fair ball.. Gloves are off!! ATD is MB, bottom line!

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