---In avid-l2@yahoogroups.com, <huipro@...> wrote:
does it strike you as just a little odd (as a stockholder) to see substantial "performance" incentives in a chief accounting officer's package?
Based on what? Targets, they help set? Their presentation of the numbers? In a program like that, there's inherent "incentive" to massage the figures, if possible.
Not saying they'll be ANYTHING of the kind, but it would have appealed to me more to see someone hired from outside the firm, and given a different performance package.
He was hired from outside. He was hired in April 2013 from the company the current CEO (Louis Hernandez) used to work for (Open Solutions).
"Any bonus paid for 2013 will be pro-rated by the number of days he was employed by the Company in 2013, provided that the bonus for 2013 is guaranteed at target, if all material weaknesses of the Company's internal controls over financial reporting are remediated within a specified time."
What is the specified time? It's not stated in the 8-K filing. The time specified, like most deadlines in our business, should be yesterday. Any bonus should be related to an increase in stock price after the accounting debacle is resolved. Any rise in stock price before the accounting debacle is resolved is not attributable to the Chief Accounting Officer. Even the new CAO cannot argue against that logic.
I am seeing a massive carousel here. Let's recap what has happened. The previous CEO resigned his position. Shortly thereafter, accounting issues were discovered. This forced the previous CEO to resign his seat on the board, and it forced the previous CFO to resign. The previous CEO used to work with the previous CFO. Coincidence? Investigators will have to figure that out.
Now we have a new CEO, and he worked with the new CAO at his previous company. How long until this massive carousel completes a revolution and we have more change? Will we have another unfortunate coincidence?
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