Events team manager Mark Magee spotted this in a July 1 8-K from Avis Budget.
Effective June 30, 2010, F. Robert Salerno transitioned from his role as President and Chief Operating Officer of Avis Budget Group, Inc. (the “Company’) and assumed the role of Vice Chairman, pursuant to his employment agreement with the Company, as amended and restated on December 29, 2008 (the “Agreement”). In accordance with Section II of the Agreement, Mr. Salerno will serve as Vice Chairman, which is not expected to comprise day-to-day operating responsibilities, until the end of the term of the Agreement, and will also continue to serve as a member of the Company’s Board of Directors.
Ronald L. Nelson, the Company’s Chairman and Chief Executive Officer, assumed the title and role of President and Chief Operating Officer of the Company, also effective as of June 30, 2010, in accordance with his employment agreement with the Company, as amended and restated on January 27, 2010.
I mean, we’ve seen CEO, and we’ve seen Chairman and CEO, and we’ve seen Chairman, CEO and President, but not even we have seen Chairman, CEO, President AND COO. It’s like “rent a title”. What’s next? CFO?
In fact, that reminds me of a brilliant cartoon by Mark….
And Mark also found this, the next day, and another 8-K, filed by SurModics.
The Organization and Compensation Committee (the “Committee”) of the Board of Directors of SurModics, Inc. (the “Company”) approved on June 28, 2010, changes in compensatory arrangements for certain of its executive officers. In particular, the Committee approved an increase of $10,000 per month in base salary compensation paid to Philip D. Ankeny, interim Chief Executive Officer, Senior Vice President and Chief Financial Officer of the Company. Following the increase, Mr. Ankeny’s base salary will be $30,417 per month. Mr. Ankeny’s salary increase is retroactive to June 1, 2010 and shall continue until a permanent Chief Executive Officer is appointed by the Board of Directors. Mr. Ankeny’s salary was increased in recognition of the additional responsibilities assumed by him in connection with his role as the Company’s interim Chief Executive Officer.
It’s a funny thing, when they do it monthly it just sounds like more. I mean, that $10,000 a month raise, that’s only another $120,000 a year, no, wait a minute, how much…?
And Mark, who has clearly been very busy this week, also found this entry in our “Most Unusual Employee Survey” competition in a Dow Chemical press release on July 1.
A comprehensive study of disease conducted by The Dow Chemical Company (NYSE:DOW) revealed that employees had lower mortality rates when compared to national rates.
Dow's Epidemiology department conducted the study as part of its ongoing epidemiology surveillance program. The purpose was to establish whether working in a chemical company places employees at increased risk of disease.
“I believe the actions we take to both protect and enhance the health of Dow people such as these health studies are an integral part of our sustainability focus,” said Dr. Catherine Baase, Dow's global director of Health Services. “The study results should be encouraging to our employees.”
The study was conducted over a 45-year time frame on US Dow and heritage UCC employees at 25 US sites between 1960 and 2005. The research involved employee records and death certificates of former employees. Standardized mortality ratios (SMRs) were calculated for the 61 classifications of diseases that caused deaths.
The two leading causes of death among the 114,683 men and women in the study were heart disease and cancer. There were 20 % less heart disease cases and 10% less cancer deaths than would be expected based upon US statistics.
“This is one of the largest studies reported from a single company,” said Dr. Carol Burns, lead researcher for the study. “This data provides an option for internal reference rates for future studies of our employees.”
So, instead of it being more dangerous to work for a company that manufactures dangerous chemicals it turns out to be less dangerous. In fact, handling dangerous chemicals seems to have a positively beneficial effect on your health. Gone are the lye factories of yesteryear. Indeed, there’s evidently pay-off from health and safety policies that clearly are needed at chemical manufacturers. ‘Course, it’s not dangerous to work on Wall St., but I wonder what their life expectancies might look like.
Compensation team leader Scott Patterson found this in the compensation discussion and analysis in Boeing’s 2010 proxy statement
Leadership Attribute Score (weighted 30%)—A qualitative assessment of an executive’s performance with respect to six leadership attribute elements applicable to all executives and managers:
- Charts the Course
- Sets High Expectations
- Inspires Others
- Finds a Way
- Lives Boeing Values
- Delivers Result
Finds a Way? Don’t they have those cockpit GPS thingies for that? Charts the Course? I thought it was all computerized.
Isn’t it amazing how inspirational language from corporate America just sounds, well, naff? Or is it just me?
Paul Hodgson – Senior Research Associate