Robert Decherd: $10 Million Man
The proxy statement for the new Belo Corp. is out (that’s the broadcasting company; A. H. Belo is the newspaper company). Below the jump is the executive compensation schedule. There’s no doubt the company split was good for one person. Actually, comparing 2006 to 2007, it was good for five people. (Remember, this is only one proxy statement. There’s another one, with another compensation schedule, to come.) And, of course, I need to note that Belo’s stock has fallen 30 percent since it went to market on February 1.
10 Comments to “Robert Decherd: $10 Million Man”
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Wick, you must not know your way around a proxy statement. Read the footnotes, especially #2. That $4.9 and $500k are what the company expensed for the stock awards and options, it’s NOT the value he received. Also, his bonus is up significantly due to involvement in the spin-off, not because of company performance, etc.
Something else to remember the next time they announce layoffs and tell the staff how tough it is in the mean ol’ news business.
Missing Dots, you are right — and you are wrong. Yes, the stock awards and options are the amount the company expensed. However, they were expensed because they recognize the fair value of the grants given to the employee. And that is the reason they are included in Robert’s compensation. If he sold the stock, where else would the value go? As for the cash bonus for the spin-off, obviously it is not a matter of performance. Which is why shareholders will be interested/concerned/outraged to see it.
I’m surprised no one has discussed this yet:
http://www.dallasnews.com/sharedcontent/dws/bus/stories/041108dnbusexxonceopay.1fd542f.html
What about his wife? She probably doesn’t care how much money they have right now.
http://blog.peoplenewspapers.com/2007/10/15/re-jogger-injured-at-beverly-and-byron/
Wick, you are still wrong. If you continue to read the footnote it mentions that forfeiture provisions are excluded, meaning he hasn’t fully vested in the awards. Therefore, he cannot sell them (as you suggested). Rather if you look further down , The Grant of Plan Based Awards table, you will see the value of his stock and option awards. The problem with using the company expense number in the calculation is that the company expenses the options even if the options are underwater/worth nothing.
Hmmm. It sounds like Wick is a little . . . jealous.
The Human Torch was denied a bank loan.
Missing Dots:
dude, just go along with the narrative.
Belo = evil!
Since this proxy covers 2006 and 2007 will there be another proxy for A.H. Belo. The split didn’t happen until 2008. Either nice payday for the guys up at the top (but it isn’t any different than top 5 guys at most public companies).