RadioShack board approves bonuses for top execs

[jsr]

http://www.star-telegram.com/2014/03/05/5623574/radioshack-board-approves-retention.html

RadioShack board approves bonuses for top execs
Posted Wednesday, Mar. 05, 2014
By Sandra Baker

FORT WORTH - As RadioShack Corp. reported dismal fourth-quarter results and announced plans to close up to 1,100 stores on Tuesday, its board of directors approved retention bonuses for its top five executives, according to a Securities and Exchange Commission filing today.

The executives, including Chief Executive Officer Joseph Magnacca, must stay working at RadioShack through March 1, 2015 to receive the bonus, the filing said.

“After giving due consideration of the skills and talent deemed critical to the company’s business turnaround efforts currently underway, the difficult business environment and the competition for skilled, talented employees, the Management Development and Compensation Committee authorized and directed the company to enter into retention agreements with certain of its executive officers,” the filing said.

Magnacca will receive a $500,000 retention bonus is he stays for another year. John W. Feray, who recently joined the company as chief financial officer, would receive $275,000; Telvin P. Jeffries, chief human resources officer, $250,000; Troy H. Risch, executive vice president store operations, $275,000; and, Michael S. DeFazio, senior vice president, store concepts, $187,500.

[atreides1]

1. Uh huh!

Wasn't it the "skills and talents" of these clowns that's causing them to close 1,100 stores and firing thousands of employees?

Brings more meaning to the term "fuck up and move up"!!!

[joeglow3]

3. CEO has little over a year in his post. I think RadioShack went to shit well before then.

[malthaussen]

2. Chicken feed, but the irony is palpable. n/t

[BeeBee]

4. ...because they're doing so well at their jobs. n/t

[LiberalEsto]

5. Why are we not surprised?

There's nothing like rewarding failure.

[Blue_Tires]

6. Can't even say I'm surprised....

I can't think of a situation where boards didn't grant bonuses, no matter the circumstance

[Shandris]

7. Radio Shack.

"You have questions. We have blank stares."

Been their motto for as long as I can remember. Bonuses for these guys? Lunacy.

[City Lights]

8. Par for the course.

[sakabatou]

9. Yeah, let's not put anything into our stores or employees

Let's put more money at the very top. And when the business goes bankrupt, the top gets a golden parachute.

[DontTreadOnMe]

10. They need a raise before the go bankrupt

Otherwise they lose out on their bonuses next year... very simple.

[lpbk2713]

11. All other lesser employees get to put their personal items in a cardboard box.

... and then Security escorts them to the parking lot.