Hostess Executive Bonuses: Twinkie-Maker To Seek Approval For $1.8 Million In Bonuse

Just have to love these pigs huh...umm no I dont


The update on the sale of the company's brands comes as Hostess seeks approval in U.S. Bankruptcy Court in the Southern District of New York in White Plains, N.Y. to give its top executives bonuses totaling up to $1.8 million as part of its wind-down plans. The company says the incentive pay is needed to retain the 19 corporate officers and "high-level managers" during the liquidation process, which could take about a year.


Two of those executives would be eligible for additional rewards depending on how efficiently they carry out the liquidation. The bonuses would be in addition to their regular pay. A spokesman for Hostess noted executives will need to meet certain goals to get the bonuses.


Hostess Executive Bonuses: Twinkie-Maker To Seek Approval For $1.8 Million In Bonuses During Liquidation (UPDATE)

Re: Hostess Executive Bonuses: Twinkie-Maker To Seek Approval For $1.8 Million In Bon

I don't see the Teamsters volunteering to oversee the wind-down for free, so somebody has to do it and they ain't gonna work any freer than the Union members.

Re: Hostess Executive Bonuses: Twinkie-Maker To Seek Approval For $1.8 Million In Bon

Heard details on local radio news today.

They are retention bonuses to keep folks around for the year required to wind down.

Seems quite reasonable, as they are required to hit performance targets also.

Remember that the baker's union is the reason the company will be shuttered.

Re: Hostess Executive Bonuses: Twinkie-Maker To Seek Approval For $1.8 Million In Bon

SMTA said:

Remember that the baker's union is the reason the company will be shuttered.

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Yeah, the exorbitant executive bonuses had nothing to do with why the company was going bankrupt. :roll:

Re: Hostess Executive Bonuses: Twinkie-Maker To Seek Approval For $1.8 Million In Bon

Viktyr Gehrig said:

Yeah, the exorbitant executive bonuses had nothing to do with why the company was going bankrupt. :roll:

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Actually, from what I have read, the previous management group was terrible.

The current folks were working to turn the business around.

Re: Hostess Executive Bonuses: Twinkie-Maker To Seek Approval For $1.8 Million In Bon

SMTA said:

The current folks were working to turn the business around.

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Yes. I'm not objecting to the bonuses here-- it's simply the cost of doing business.

Re: Hostess Executive Bonuses: Twinkie-Maker To Seek Approval For $1.8 Million In Bon

Well no wonder they couldn't pay their employees more.

Re: Hostess Executive Bonuses: Twinkie-Maker To Seek Approval For $1.8 Million In Bon

SMTA said:

Heard details on local radio news today.

They are retention bonuses to keep folks around for the year required to wind down.

Seems quite reasonable, as they are required to hit performance targets also.

Remember that the baker's union is the reason the company will be shuttered.

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The Baker's union compromised on pay previously while the executives continually voted themselves more in exchange for nothing.

I'm just not sure why we don't go back to a feudal system if people are that strongly against providing a living wage for laborers.

Re: Hostess Executive Bonuses: Twinkie-Maker To Seek Approval For $1.8 Million In Bon

SMTA said:

Actually, from what I have read, the previous management group was terrible.

The current folks were working to turn the business around.

Click to expand...

By taking huge bonuses instead of upgrading the antiquated equipment that was needed to make Hostess profitable?
Most of the machines Hostess was using came from the 1960's.
It is obvious that vulture capitalists are the culprits here, even Forbes agrees

But who was ultimately to blame for the company failure? Here at Forbes, Leadership contributor Adam Hartung had a provocative piece on Sunday where he fingered management. In its most recent bankruptcy filing, writes Hartung, the company imposed “draconian cuts to wages and benefits.” This was unrealistic and damaging, he says, “tantamount to management saying to those who sell wheat they expect to buy flour at 2/3 the market price.” The company also kept trying to prop up its old business of obsolete products, failing to cook up more palatable foods with higher margins. Then it scapegoated the unions

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http://www.forbes.com/sites/susanadams/2012/11/21/why-hostess-had-to-die/