NH has been hit hard lately with firearm manufacturing lay-offs. S&W announced a few weeks ago a lay-off and now SIG has announced a 10% lay-off of production staff. In an interesting turn of events and in light of the compensation packages for CEOs, SIG is suing a former chef executive and chairman who headed the company from 2005 to 2008. He is alleged to have gone on African safaris on the company’s dime in excess of $830K. And I have a problem with a $11.99 in-room movie on my expenses. SIG also contends he took at least $552,000 for "purely personal reasons" and collected some $88,000 in stipends. He also rounded up his compensation by $200,000 to cover taxes. And just add the proverbial frosting to the cake, SIG says he took credit for a reorganization plan that was actually the idea of other senior management at SIG. By taking the credit for someone else's idea he recieved some $8 million in equity compensation. Isn't anyone honest these days?
Comments
I hate to say it, but I think that more and more of these stories are going to come to light.
Where did integrity go?
Posted by: Arthur | November 3, 2008 03:33 PM
Thank you for a great post
Posted by: South Africa Safari | August 17, 2010 07:48 AM