More cuts for Starbucks

[novelist_wannabe]

http://www.ajc.com/business/content/business/stories/2009/01/28/starbucks_decaf.html?cxntlid=homepage_tab_newstab&cxntlid=homepage_tab_newstab

Say what you want about the company -- I know some on here view them as evil on some level -- but I'm impressed with this:

At CEO Howard Schultz’s request, the board will reduce his salary to less than $10,000 a year, the minimum necessary for him to continue receiving health insurance and other benefits. Schultz’s salary for the past few years has been $1.2 million; his total compensation last year was $9.7 million.

 

[RossLT]

Why couldn't he have done that before he thought of buying the Sonics?

**** Starbucks.

 

[The Granny]

http://www.ajc.com/business/content/business/stories/2009/01/28/starbucks_decaf.html?cxntlid=homepage_tab_newstab&cxntlid=homepage_tab_newstab

Say what you want about the company -- I know some on here view them as evil on some level -- but I'm impressed with this:

At CEO Howard Schultz’s request, the board will reduce his salary to less than $10,000 a year, the minimum necessary for him to continue receiving health insurance and other benefits. Schultz’s salary for the past few years has been $1.2 million; his total compensation last year was $9.7 million.

Any aging media "tycoons" reading this?

 

[mustangj17]

Executives have been doing this left and right lately.

 

[novelist_wannabe]

Maybe it's a hollow gesture to those who are being downsized, knowing that since he made $9.7 million last year he's not going to have to worry about how to make the rent payment. Still, he could easily have done nothing and still continued to draw six or seven figures. It feels better than the Big Three Auto CEO's flying to Washington in corporate jets to beg for bailout money.

 

[sportschick]

Starbucks isn't evil. They just burn their beans so their coffee tastes crappy.

 

[AMacIsaac]

Starbucks isn't evil. They just burn their beans so their coffee tastes crappy.

Shuddit! I love Bux.

This less than $10K deal ... he'll still pull in bonuses for meeting targets and budgets, right?

 

[novelist_wannabe]

Well, the story said corporate execs, including Schultz, forewent bonuses in 2008

 

[Small Town Guy]

Bloomberg makes a dollar a year for being mayor of NYC. With New York's budget crisis, maybe he should knock it down to 50 cents.

 

[heyabbott]

Bloomberg makes a dollar a year for being mayor of NYC. With New York's budget crisis, maybe he should knock it down to 50 cents.

Does he live in Government Housing, Gracie Mansion?

 

[Dyno]

Bloomberg makes a dollar a year for being mayor of NYC. With New York's budget crisis, maybe he should knock it down to 50 cents.

Does he live in Government Housing, Gracie Mansion?

No, he doesn't.

 

[Diabeetus]

Starbucks isn't evil. They just burn their beans so their coffee tastes crappy.

Shuddit! I love Bux.

This less than $10K deal ... he'll still pull in bonuses for meeting targets and budgets, right?

AMac nailed it. These execs getting good publicity for taking small pay are still getting huge bonuses every year. AIG management just got $400 million in bonuses for running the ****ing company in to the ground. Of course that was right after they got $152 billion in fed subsidies. And the Merrill Lynch senior execs who got $4 BILLION in bonuses despite getting a $20 billion bailout and LOSING $15.3 billion last quarter.

Why isn't this getting publicized more? Why isn't there more outrage?