Occupy Unions and the Fall Of Kimball International
Posted in the French Lick Forum
#1 Jan 16, 2012
The occupy movement, Union Right to work, all power struggles between business and workers.
BOTH have created conflict in the workforce in this country where publicly traded companies should embrace their employees but instead CEOs use these companies to hoard money.
For Instance, CEO Jim Thyen of Kimball International lives in a little small town of Jasper Indiana where the cost of living is as low as anywhere in the country. Thyens salary is over $800,000 per year BUT with bonuses it is over $1,800,000 every year ..BUT he also gets stock options ..
That sounds fairly high and some CEOs certainly make more but here is the kicker. If a CEO makes $2million he passes the profits (eventually) down to his family; kids and grand kids. Jim Thyen has actually HIRED his family members and pay them a high salary as well so the FAMILY is funneling MILLIONS through the company.
ANYONE should be able to excel in what they do and make a FAIR salary for what they do. This is not what CEOs do. They go to sleep at the while, head to the back of the bus and spend most of their time figuring out how to HOARD as much income as they can.
As Kimball International cut jobs and salaries, the Thyen family and close circle hold onto their high exorbant salaries all while cutting jobs and cutting everyone salaries. A bonus structure which protects the upper management pay and bonuses.
All this while promoting the GUIDING PRINCIPALS telling everyone else how to suck up and smile while taking it in the rear.
The SECURITIES and EXCHANGE COMMISSION was trying to enact laws making the reporting of executive pay easier to understand for investors.
This proposal by the Securities and Exchange Commission was fought by James Thyen and a copy is available online at (close all the spaces):
w w w .sec . gov/rules/proposed/s70306/jcth yen7566. pdf
This IS the smoking gun! James Thyen SIGNED THIS DOCUMENT! This says Thyen wants to keep his income and the families income as hidden as possible from those WHO OWN THE COMPANY IN PUBLIC!!
All this so the Thyen family (several in upper management) can CONTINUE to HOARD buttloads of money!
If you search Kimball int incompetent you will find tons of disappointing discussions in the fall of Kimball due to greed and incompetence.
#2 Jan 19, 2012
Folks, don't get your hopes up for a good quarterly report. I can tell you that driving by the parking lots does not give me much of a feeling that things are turning around for the company as a whole.
Electronics had some contracts roll off recently, auto is week state-side, and the PR machine can't find anything to brag about. The furniture plants that used to have full parking lots are still sparse and many Fridays they are empty. Rumor mill has that a couple contracts of size have been inked, but if history is an indicator they probably bought the jobs to make the backlog look good and the income statement will get hit hard "due to pricing pressure and input cost increases." Get a new excuse.
Time to be honest and Jim say "we can't sell the product for what it costs us to make it because we are inefficient and have bloated corporate egos to feed.
Big Jim needs the money and he and the rest of the croanies only have a couple years left to suck the company dry before retirement.
Then we hire a crew of people who don't know how to build and sell furniture or electronics. We let those people go a couple years ago because some bean counters in the G.O. said they were to hard to change and too old.
Let's move to Asia, Poland, Mexico and really make poor decisions and over-manage them from Jasper. Then we will con designers and purchasing agents to buy products that we can't deliver on time and blame it on the supply chain. All this we will do as we are ready to head into a really bad economic time and we react way too late and burn up our safety net of cash. No worries! Obama has our best interest in mind. Not to mention a congress that doesn't even know what they believe until they find out what the other side believes and they will take the opposite stance.........
Oh crap folks, your stock is going to be worthless in several years and we are on a path of destruction. I better write me a bonus check while the bank will still cash it." Poor Jim. This is a pathetic story I created but it is more truth than you have been sharing the last 15 years.
This used to be a great company for the community and we all rallied around them. Then they lost focus and gave up on those who brought them to the table. This is not the company Arnie and friends created and put their lives into making.
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