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Cattle Boards
NCBA, R-CALF, COOL, USDA (No Politics!)
PACKER PROFITS?
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<blockquote data-quote="Oldtimer" data-source="post: 88133" data-attributes="member: 97"><p>GETS KIND OF HARD FEELING SORRY FOR THE "POOR" PACKERS AND ALL THE MONEY THEY'RE lOSING :roll: </p><p></p><p></p><p>BEEF NEWS </p><p>Golden handshake: Simons receives $7.2 million severance </p><p></p><p>by Pete Hisey on 4/29/2005 for Meatingplace.com </p><p></p><p></p><p></p><p></p><p>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.</p><p>---------------------------</p><p>Another I stole from Ranchers.net......</p><p></p><p></p><p>Did you see the news blurb in yesterday's USA Today entitled, "Flying into the sunset?" Interesting comments about Don Tyson. </p><p></p><p>"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." </p><p></p><p>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?"</p></blockquote><p></p>
[QUOTE="Oldtimer, post: 88133, member: 97"] 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. --------------------------- 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?" [/QUOTE]
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