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Boeing Exec Tossed Out Without A Parachute.
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Nofsdad


Joined: 06 Jul 2003
Posts: 8380
Location: Central CA
Posted: Sat Mar 12, 2005 12:02 am    Post subject: Boeing Exec Tossed Out Without A Parachute.  
So this is what a corporate exec has to do before he loses any of his monstrous perks and bennies. It's got nothing to do with how you run your business (Alan Lacy is proof of that). It has nothing to do with how much you can steal and how many lives you toss in the crapper in pursuit of the almighty buck for yourself. It has nothing to do with corproate ethics and morals.

Nope all you have to do is get ratted out for screwing the hired help. Of course they have to be fairly high level hired help. It's not like dipping into the maid or the nanny. Has to be someone who can make noise and attract attention.

Quote:
True to its word, the Boeing Co. board isn't giving ousted Chief Executive Harry Stonecipher any special payments or parachutes. In fact, it is taking some benefits away.

Sounds like they're really ticked off, eh? Bet they throw the book at this guy.
Quote:
A Thursday filing with the Securities and Exchange Commission showed that Stonecipher, who was asked to retire on Monday after he admitted to an affair with a female employee, would receive the $2.1 million bonus he had earned in 2004.

He also will be paid through his official retirement date of April 1 at an annual rate of $1.5 million, the same rate he was paid before the scandal.

Quote:
Stonecipher has elected to take his 2004 bonus in deferred stock, which will vest when he retires. Because he decided not to take cash for 60 percent of the bonus, the company will throw in a 25 percent match in additional stock, the filing said.

Oops! I thought Boeing was punishing this guy for some horrible misdeeds. Sounds like he's doing pretty well to me.
Quote:
But he has been removed from the 2005 incentive bonus pool and will lose all employee benefits and other perquisites once he retires, the filing said. Those include a company car and financial counseling.

Until Monday, Stonecipher, 68, also had use of company aircraft. That access will stop immediately, unless approved by Boeing Chairman Lewis Platt. He also will be denied customary office space and administrative support unless Platt asks him to do work.

Ah, so he lost his company car and use of the company jet. That'll teach that SOB, by gosh!!! And he won't be getting paid or earning any more incentives or bonuses and getting his employee benefits once he's off the payroll. Wow! How harsh can you get? And no free office space? No free financial counseling? That's just flipping cruel.
Quote:
When he retires, Stonecipher will receive his pension, and any outstanding equity awards will vest, remain exercisable or be paid out, the filing said. He will forfeit a "director option grant" in 2003 of 3000 shares.

Stonecipher walked away with $2.1 million in cash and stock when he first retired 2002.

This is his second retirement in three years? This guy could make a damned good living just retiring over and over again. Of course, he's 68 years old. Probably not too many retirements left in the old fart. Being an "oldster" myself I kind of applaud the old guy for being able to have an affair to get ratted out on. Very Happy
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USA#1


Joined: 04 Jul 2003
Posts: 2111
Posted: Sat Mar 12, 2005 1:48 am    Post subject:  
I wonder how much Lacy would get if he ever got caught with his britches down. Doh! Rolling Eyes Naughty!
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