Micron cuts employee pay and rewards Execs
Comment | Print | Email to a Friend | Font Size: AAWhenever the economy is bad there are always going to be people that will try to profit from it.
I have maintained that the current economic problems in the US are due mostly to executive greed. An example of this has come to light over at the Inquirer. Sylvie Barak has found proof in an SEC filing that while Execs at Micron were telling employees they would have to take a pay cut (5%) the execs themselves were loading up with $0 stock options.
These stock options have value in the Millions of Dollars. It is a shame really.
Read more at The Inquirer.
But according to recent filings on SEC's EDGAR Online, it would appear Micron employees were being led a merry dance down the garden path, as execs engaged in the most cynical of money shuffling.
Seemingly noble Micron execs actually managed to secure themselves lucrative $0 stock option grants, which translated into millions of dollars. For example, on the day of the grant, CEO Steve Appleton's slice was worth $3.5 million whilst Micron COO/President, Mark Durcan's, was worth $1.5 million. Poor old Ron Foster, the firm's CFO, only managed to rake in one million dollars through the scheme, which seems sad, seeing as he's the company money man.
The stock option grants are most probably a multiple of the employee's annual base salary, proving the financial crisis hasn't necessarily taken its harsh toll on EVERY Micron employee's take-home pay.
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