PACKER PROFITS?

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Oldtimer

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GETS KIND OF HARD FEELING SORRY FOR THE "POOR" PACKERS AND ALL THE MONEY THEY'RE lOSING :roll:


BEEF NEWS
Golden handshake: Simons receives $7.2 million severance

by Pete Hisey on 4/29/2005 for Meatingplace.com




Swift & Co. has given former chief executive John Simons a parting gift worth roughly $7.2 million, including $2.3 million in severance pay, $3.4 million for 4 million unused stock options, and $1.2 million for about 1.2 million shares of Swift stock, according to the Rocky Mountain News. He will also receive fees for a six-month consultancy of about $225,000. The settlement is, coincidentally, almost equal to the $7.25 million the company has earned in the first three quarters of fiscal 2005.
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Another I stole from Ranchers.net......


Did you see the news blurb in yesterday's USA Today entitled, "Flying into the sunset?" Interesting comments about Don Tyson.

"Some executives retain rights to company-paid personal flights (in public companies) after they retire. Under a consulting agreement that calls for a maximum 20 hours a week of 'advisory' services (which, to me, means that he really doesn't have to do anything when they say 'a maximum'), former Tyson Foods chairman Don Tyson gets $1.2 million annually through 2011, plus 150 hours of personal use of company aircraft for himself or designated passengers. In fiscal 2004, his flight time cost the company $92,764."

The 1.2 mil and the flight costs would be in the expense category in the company books, right? If the market sets the selling price of beef (the income side - which has to offset more than expenses to yield a profit), how does the company offset "Don's perks?"
 

houstoncutter

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Well Oldtimer, I know its been intersting reading about all the so call plant closings, because the packers cant seem to get enough animals. I seem to remember back about 10 years ago when the had record profits, even though they had major expansions of there plants. Sorta hard for me to get tearied eyed for em..... At the time we were getting about 65 cents a pound for the same calves that are selling for $1.60 for now.
 

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