Former Hostess Twinkies CEO tripled salary to $2.5m

Posted in the Minneapolis Forum

Bridgework

Minneapolis, MN

#2 Nov 19, 2012
My god man you actually edited the article to change it. The unedited version reads:

"Even as it played the numbers game, Hostess had to face chaos in the corner office at the worst possible time. Driscoll, the CEO, departed suddenly and without explanation in March. It may have been that the Teamsters no longer felt it could trust him. In early February, Hostess had asked the bankruptcy judge to approve a sweet new employment deal for Driscoll. Its terms guaranteed him a base annual salary of $1.5 million, plus cash incentives and "long-term incentive" compensation of up to $2 million. If Hostess liquidated or Driscoll were fired without cause, he'd still get severance pay of $1.95 million as long as he honored a noncompete agreement.

"When the Teamsters saw the court motion, Ken Hall, the union's secretary-treasurer and No. 2 man, was irate. So much, he thought, for what he described as Driscoll's "happy talk" about "shared sacrifice." Hall says he tracked Driscoll down by phone and told him, "If you don't withdraw this motion, these negotiations are done." Hostess withdrew the motion a few weeks later when Driscoll left -- the same Driscoll who, Hostess told the court in its motion, was "key" to "reestablishing" Hostess's "competitive position going forward." Abbott and Costello couldn't have made this stuff up if they'd gone to Wharton.""

http://management.fortune.cnn.com/2012/07/26/...
Amused Slew

Seattle, WA

#3 Nov 20, 2012
SO, you agree the guy robbed the place before and was trying to do it again when the union caught him ??? Hmmm !??? Seems to me the pattern of behavior by management is proven and you're a putz for not commenting on prior raises and mismanagement... Of course, your focus is anything but honest, as usual.

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