WAMB has been working hard to find out what has been happening at these Board meetings (the June meeting is scheduled for June 23, 2014) and we were lucky enough to find out some information from our industry sources. WARNING! this message may be disturbing to you men and women who work hard at Market Basket for your wages.
First we have heard that the BOD has voted themselves a raise, shocking we know but the BOD is now making a whopping $800.00 per hour. This fee also applies to any time they spend “prepping” for a meeting…so in this case it really pays for them to be slow readers! If they get on a conference call that lasts ten minutes, boom, $800! That would be per Board member, not as a group. How much do YOU get paid an hour to help fill their wallets?
Secondly and even more distressing is that the BOD has hired two people as “Management in waiting”. This was apparently effective as of early May. Their salary? You’d better sit down. These two people are getting paid north of $200,000.00 per month!!!! That’s right 200 large per month EACH! To sit at home and wait for the phone to ring. At these rates it is obvious that they are set to become top level executives. We hear that they had to grab these two people before some other company grabbed them. They must be exceptionally talented if we had to pay them an obscene amount to keep them on retainer at 200k per month. So let’s see how good they are.
James Gooch, lives in Minnesota and his latest claim to fame is he was the CEO of Radio Shack, the same Radio Shack that has been closing stores left and right and is just about out of business. He must be good because Radio Shack’s stock took a major nosedive during his tenure at the helm.
Felicia Thornton, lives in Oregon she at least has some supermarket experience, a short tenure at Kroger (good company) and then at Albertson’s (can you say Shaw’s? Same company). Latest job though was at Nordstrom and then she has been unemployed for the past 2-3 years.
Those of you that love to and do a fine job of research for WAMB may be able to dig up some more detailed information, have at it!
So you can see how quickly the BOD had to act to snap up these two individuals before some other company did. We are sure these two individuals are fine people and hey if someone offered us 200 thousand a month to sit at home we would jump at it and laugh all the way to the bank. What is important, and apparently the only thing that matters, is that they have MBA after their name (means More Bad Advice). Well all 25,000 of us have TAD and ATD after our names and that means so much more than MBA to us and our customers.
All of this money being handed out in salary to the BOD and the two new hires is disgusting. Add onto this that Bill Marsden and Joe Rockwell are still having their wages withheld from six months ago and it becomes downright criminal. We know many of you were hoping for the June bonus that has been customary and we can’t shed any light on that subject other than you can bet that ATD is fighting to get it for us and if we don’t get it and we are paying these people we don’t even know obscene amounts of cash to do nothing it stinks to high heaven.
We now have two executives in waiting and we hear the BOD is still looking for a CEO to replace ATD. Our message to the BOD, if you are really hell bent on destroying this company, and it appears you are, there are two top notch candidates for CEO still on the open market: The former CEOs of Circuit City and Linens N Things. They don’t have any knowledge of how a supermarket runs but neither do you guys. This shows in high definition what we have always known to be true: ASD understands that loyalty is something you buy and not something that you earn. Loyalty is what Bill Marsden and Joe Rockwell have shown, working every day for six months for no pay.
We don’t know about you but our culture requires promotion from within and if these people come in and try to tell us how to do our jobs we think our stock answer should be “when ATD tells me to do that then I will do that because he and other executives that came up through the ranks are the only people we are gonna listen to, sorry James and Felicia.”
So to all of you store managers, assistant managers, department heads, full timers, part timers, warehouse selectors, truck drivers, administrative assistants and every single one of us that makes our company the envy of the industry, we have one question for you: what’s in your wallet? Bet it’s not 200 large a month.
As always, We are one with you and together WE ARE MARKET BASKET. Forever loyal to ATD.