NewPage accepted the resignation of its president and chief executive officer (CEO), Richard D. Willett, Jr. this week.
Willett will receive a severance payout equal to two times his current base salary, or a total of $1,300,000.
Willett will also receive an annual bonus payment of $1,000,000 for 2009 and for 2010 under the NewPage Corporation Performance Excellence Plan and the NewPage Corporation Profit Sharing Plan.
Mark A. Suwyn, current executive chairman of the company's Board of Directors, will serve as interim CEO for the company. Suwyn's base salary is $750,000 and will continue at that rate for the rest of 2010. In 2011, and in future years, his base salary will be $500,000. Suwyn will also be eligible for a bonus payment under the NewPage Corporation Performance Excellence Plan and the NewPage Corporation Profit Sharing Plan.
Suwyn's severance payment will be $2,000,000 when he leaves his position as executive chairman and CEO, unless the termination is for cause.
Source: NewPage
what's the industry?
what are the company's profits?
And no, I don't wish for his job, the management job that I have is enough headaches.
Sorry I thought is was a household name. Its a coated paper company in the US.
http://www.newpagecorp.com/wps/portal
eh, I wish 'em all the luck.
Just think, if your company grows like crazy, you could be in that situation someday.
Yup, that was what I was just thinking... lol
I don't worry too much about what the other guy makes unless it affects what I make.
If someone starts their own business, and eventually sells it, they expect some pretty hefty compensation - I know I do. After all, our current business, if we just keep going the way we are, provides for all our needs with minimum work on my part. I work much more than that, mainly because I can't stand just sitting around being bored, and I don't want to be put to work doing the dishes or something. :-[
A CEO in theory, guides a larger company into new areas of business and profitability. The skill is similar to running your own company (perhaps even harder). To get people who are qualified to do so, you have to convince them that they should work as a CEO, instead as an owner.
Therefore, the compensations packages reflect that.
Quote from: Samuel on January 20, 2010, 09:53:42 PM
Sorry I thought is was a household name. Its a coated paper company in the US.
http://www.newpagecorp.com/wps/portal
They have at least one Canadian Mill as well, they bought Stora Enso's pulp mill in Port Hawksbury, Nova Scotia within the last few years.
NewPage is controlled by Cerebus, the same investment company that owned a controlling interest in Chrysler prior to Chrysler's bankruptcy. I don't remember the numbers, but I heard that NewPage had a large operating loss in the last quarter of '09.
Cerebus doesn't seem to be doing real well. Of course in the the current economy not many are.
how much money do people really need? if the ceo takes the day off no one even notices but, if the workers take the day off nothing gets done ,seems like a good balance. heard on the news tonight that one of the banks on wallstreet lost 960 million last year but they are still handing out 14.5 billion in bonuses for their performance in 2009. i think they should be handing out pink slips instead! greed greed greed
NewPage reports net loss of $21 million
Aug 12, 2008 | In Financial News |
NewPage Corporation is reporting a net loss of $21 million in its latest quarter, compared to zero in its previous quarter.
These results include the financial results of Stora Enso North America that was acquired on December 21, 2007.
Net sales were $1,063 million in the second quarter of 2008 compared to $495 million in the second quarter of 2007, an increase of $568 million, or 115%, primarily as a result of the acquisition.
"The U.S. economy caught up with the coated paper market during the second quarter and we saw a dramatic slowdown in demand for coated papers and rapid increases in input costs," said Mark A. Suwyn, NewPage chairman and chief executive officer. "We took immediate actions and curtailed production to limit inventory growth, raised prices in April and again in July, and initiated additional productivity programs to offset the rising costs. In addition to accelerating the permanent shutdowns we previously announced as part of the integration of Stora Enso North America, we also announced the closure of our mill in Kimberly, Wisconsin, to align capacity with market demand."
NewPage owns paper mills in Kentucky, Maine, Maryland, Michigan, Minnesota, Nova Scotia, and Wisconsin. These mills currently have a total annual production capacity of approximately 4.5 million tons of paper, including approximately 3.3 million tons of coated paper, approximately 900,000 tons of uncoated paper and approximately 300,000 tons of specialty paper.
I was selected as Employee of the Month for 12 months in a row last year. I was also recognized as Employee of the Year. I got no bonus, but the recognition was appreciated. Of course, I may have been the only employee, but what difference does that make?
Sparky
Sparky: I'd talk to the boss and give him a good piece of your mind, as they say... course, he may not want it and you could loose your good status! :D :D
Lj
I have no problem whatsoever with large paychecks, as long as they are earned.
What frosts me is that these sort of companies will usually have layoffs or paycuts (the employees are told they should share in both the successes and failures of the company) when times are bad. When times are good, the employees usually get little or no bonus or incentive (getting a "chance" to work some overtime should be bonus enough, right? well, not really because that's just more time away from home and family). All the while the executrons give themselves huge bonuses in good times and bad, because "they did their job well, they can't help if the economy was soft".
All double standards, all a bunch of BS. The hallmark of many professional manager types these days is to take credit for the good ideas, and blame your subordinates for the bad ones, regardless of who's idea something actually was.
Remember the golden rule- 'he who has the gold, makes the rules'.
BTW I work for a huge company, and am a peon....I don't even want to take the first step up the corporate ladder, because of the general culture of idiocy and foolishness.