Dennis FitzSimons meets the Pressman Blogger
Yes folks it’s true, the former Tribune Company CEO Dennis FitzSimons, pocketed another $3,000,000 from our company. In addition, Dennis was given $4,000,000 to help offset the taxes incurred with his massive golden parachute. I wonder how many Tribune Company employees, that have taken the numerous buyouts through the years, were helped with their tax burdens?
It’s reported that $23,800,000 of his golden parachute is from the stocks he has earned through his twenty-five year career with the Tribune. On February 14th, 2007 he awarded himself 135,000 shares of Tribune stock, which earned him a tidy $4,590,000. When Dennis resigned on December 20, 2007 he was given a very nice gift of 25,000 shares of Tribune, worth a paltry $850,000. Not bad for bringing a large corporation to it’s knees.
About four years ago the Tribune executives had yet another bright idea, grant stock options instead of a raise, to the twenty some thousand employees across the country. I’m happy to report our stock options are worthless pieces of paper.
This brings to mind the opinion one of my Tribune Boss’ shared with me after the auction of the Otis Chandler automobile collection, he said “Otis Chandler was a stingy man, he could have shared all his money with his employees instead of all those expensive cars”
I’m still waiting for my Christmas bonus from Dennis FitzSimons, because he’s not like Otis Chandler, stingy, is he?
Otis Chandler will be remembered as a great newspaper man, what will Dennis FitzSimons be remembered for?
It’s reported that $23,800,000 of his golden parachute is from the stocks he has earned through his twenty-five year career with the Tribune. On February 14th, 2007 he awarded himself 135,000 shares of Tribune stock, which earned him a tidy $4,590,000. When Dennis resigned on December 20, 2007 he was given a very nice gift of 25,000 shares of Tribune, worth a paltry $850,000. Not bad for bringing a large corporation to it’s knees.
About four years ago the Tribune executives had yet another bright idea, grant stock options instead of a raise, to the twenty some thousand employees across the country. I’m happy to report our stock options are worthless pieces of paper.
This brings to mind the opinion one of my Tribune Boss’ shared with me after the auction of the Otis Chandler automobile collection, he said “Otis Chandler was a stingy man, he could have shared all his money with his employees instead of all those expensive cars”
I’m still waiting for my Christmas bonus from Dennis FitzSimons, because he’s not like Otis Chandler, stingy, is he?
Otis Chandler will be remembered as a great newspaper man, what will Dennis FitzSimons be remembered for?
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ReplyDeleteHey Dennis, can I borrow ten bucks?
Kanani,
ReplyDeleteI doubt Dennis FitzSimons is the type to allow $10.00 to escape his grasp. But I on the other hand, will GIVE you $10.00.
The Tribune executives seem to live on another planet, they only deserve one years salary, as all Tribune Employees are given when taking a buyout.
NO, Dennis FitzSimons is granted twenty years salary when he resigned.
Now where's that outspoken Grandspud to come to FitzSimons defense, and tell us why he deserves so much money?
You will not hear any defense for the Fitz from me. It's a sad commentary on corporate America that these guys rape their company and shareholders.
ReplyDeleteI think the Fitz ought to do the honorable thing like that Chinese executive did. When all those Mattel toys were recalled because his company used leaded paint, he committed suicide.
Thanks Grandspud....
ReplyDeleteWarren Buffett wrote very succinctly about this practice of golden parachutes for CEO's a few years ago in his annual report.
ReplyDeleteHe felt it was bad practice for a board of directors to create and approve of such plans
I think for the huge salaries these guys get, that they shouldn't be given a twenty year pay out. Once you're gone, you're gone. He should have the option of saving his money and living wisely or getting a job at Burger King.
Ed said...
ReplyDeleteNow where's that outspoken Grandspud to come to FitzSimons defense...
BTW- Why are you accusing me of sucking up to the Fitz? You're the one that chased him around just so you could hug him and have a stupid picture taken!
Kanani said...
ReplyDeleteWarren Buffett wrote very succinctly about this practice of golden parachutes...He felt it was bad practice
Bad practice? For me, such prose does not bring to mind succinct. "F*****g robbery" is a much better example of a terse comment.