Don't forget to read before you sign (e.g. a proxy)
Date: Sat, 10 Apr 93 12:29:08 PDT
Subject: Don't forget to read before you sign (e.g. a proxy)
From: stern@sunne.East.Sun.COM (Hal Stern)
Subject: a $500,000,000 cookie jar
From the IBM Supplemental Proxy statement:
Louis Gerstner, the new IBM CEO, is scheduled to receive a minimum
salary of $2,000,000, with an incentive bonus of $1.5M, of which
1.125M is assured. he also gets 500,000 options at $50/share,
and $5,000,000 to cover benefits he lost when leaving RJR/Nabisco.
[ Lost benefits? Now he has to *buy* his Oreos. - pep]
and they think this will help the company turn around. if i were
big lou, i'd pay my lawyers *A LOT* for that agreement.
© 1993 Peter Langston