Tuesday, May 22, 2007
No report of a severance package, however...
While it's not quite as good as Harry's termination, I think I may have figured out why Spirit's VP of HR – one of our Top 5 Execs – was let go.
Unfortunately, it has nothing to do with the juicy rumor that she had received confidential comments from the company compiling Spirit's employee survey results, that led her to fire Spirit Owner Kim Scanlan, Spirit Spokesman Fred Solis, my "Aunt Judy," and others. But it's almost as good.
One of the rumors circulating at the time of the dismissal was that she lied abou... uh, "misrepresented" her income from her previous employer. And if I've parsed the legalese in Spirit's stockholders' proxy statement correctly, it seems to bear that out.
There's a table on page 25 that lists all kinds of Executive compensation. But it's the footnotes that contain the important details.
For example, our CFO's compensation "Includes (a) $4,121 for country club dues, (b) $239,702 for relocation expenses, (c) $22,711 for Company contributions to defined contribution plans , and (d) $2,382,635 for a one-time payment in lieu of foregone executive compensation from prior employer."
But you get to the footnote for Ms Nicholson and among the comp items is "(f) $517,000 for a one-time cash payment in lieu of reported foregone executive compensation from previous employer and (g) $381,760 for payment of taxes for foregone executive compensation and reported bonus from previous employer."
Seems to confirm that "misrepresentation of income" rumor, dunnit?
-- Bill, who's open to other interpretations...
Unfortunately, it has nothing to do with the juicy rumor that she had received confidential comments from the company compiling Spirit's employee survey results, that led her to fire Spirit Owner Kim Scanlan, Spirit Spokesman Fred Solis, my "Aunt Judy," and others. But it's almost as good.
One of the rumors circulating at the time of the dismissal was that she lied abou... uh, "misrepresented" her income from her previous employer. And if I've parsed the legalese in Spirit's stockholders' proxy statement correctly, it seems to bear that out.
There's a table on page 25 that lists all kinds of Executive compensation. But it's the footnotes that contain the important details.
For example, our CFO's compensation "Includes (a) $4,121 for country club dues, (b) $239,702 for relocation expenses, (c) $22,711 for Company contributions to defined contribution plans , and (d) $2,382,635 for a one-time payment in lieu of foregone executive compensation from prior employer."
But you get to the footnote for Ms Nicholson and among the comp items is "(f) $517,000 for a one-time cash payment in lieu of reported foregone executive compensation from previous employer and (g) $381,760 for payment of taxes for foregone executive compensation and reported bonus from previous employer."
Seems to confirm that "misrepresentation of income" rumor, dunnit?
-- Bill, who's open to other interpretations...
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