Occupy Unions and the Fall Of Kimball International
Posted in the Santa Claus Forum
#1 Jan 17, 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 CEO’s 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. Thyen’s 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 CEO’s 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 CEO’s 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.
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