A commenter, below, on the Merck/Schering-Plough job increases, noted the irony of HR guru Chuck Ziakas' recently trumpeting a Schering-Plough move that allegedly saved "30 jobs" -- while remaining completely silent 
on the nearly $100 million to be paid just to CEO Hassan, should the Merck transaction eventually close. [Remember, even if it never does, CEO Hassan has already taken home $31 million in cash -- for just the last two years.]
How much did eliminating the car wash allowance, and controlled temperature storage allowance, for the US sales force -- really save? Half a million dollars, a year? A million? Two? Or, perhaps only slightly more than that.
Anonymous said...
And for the record, the yearly bonus was completely eliminated for the sales force - a big fat goose egg was announced. But never fear, according to C. Ziakas, 30 jobs were saved by eliminating the car wash allowance and the controlled temperature storage (required for Schering products) that sales force was allowed each month. Sure they were.
May 10, 2009 9:50 PM. . . .
Meanwhile, for 2008 alone, CEO Hassan charged the company (see second to last column, from the right -- first row) an additional $620,266 in "other compensation" -- for
But it was deemed more important, apparently -- at least by the HR wonks in Kenilworth -- for the salespeople to eat the cost of car washes and storage lockers -- than to stop advancing CEO Hassan's taxes on private use of the company jets.
Irony. That's for me.
1 comment:
Let's see here:
$30/mo for car washes.
$120/mo for Storage Units.
5500 Sales Reps (actually lower).
$9.9M Annually
Add the cuts to cell phones:
500 managers/specialty/etc.
$70 (difference lowered from $150)
$420,000 Annually
How much is that in relation to Fred's heist? 5%?
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