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Cumulus Exec Bonuses

S

Stinkymess

Guest
Thank goodness that in these trying times, when Cumulus is against the ropes financially and having to cut hourly pay, fire air-staff and run with no host in the mornings on The Bone, they were able to scrape some money together to pay bonuses to the company's top four execs.

Chairman, Pres. & CEO Lew Dickey: $500K "discretionary cash bonus" plus 160,000 time-vested shares, and another 160,000 performance bonus shares.

EVP/Co-COO JOHN DICKEY: $165K cash bonus and 70,000 time-vested shares.

EVP/CFO/Treasurer MARTIN R. GAUSVIK: $50,000 and 15,000 time-vested shares.

EVP/Co-COO JON PINCH: $100,000 bonus and 40,000 time-vested shares.

Congratulations on your success gentlemen and in your unerring leadership in our company! :mad:
 
That's chump change to those guys. Probably insulted by it. Business is about making a profit. If they do that, in whatever manner they see fit and is legal, good for them.
 
Stinkymess said:
Thank goodness that in these trying times, when Cumulus is against the ropes financially and having to cut hourly pay, fire air-staff and run with no host in the mornings on The Bone, they were able to scrape some money together to pay bonuses to the company's top four execs.

Chairman, Pres. & CEO Lew Dickey: $500K "discretionary cash bonus" plus 160,000 time-vested shares, and another 160,000 performance bonus shares.

EVP/Co-COO JOHN DICKEY: $165K cash bonus and 70,000 time-vested shares.

Congratulations on your success gentlemen and in your unerring leadership in our company! :mad:
Click to expand...

Anybody else get the feeling these two are related?
 
The payment of incentives (which we usually call bonuses) seems hypocritical in these times but they are usually legal agreements written into the contracts of the managers of the business and are based upon some sort of performance achievement. The company is legally required to pay them if the terms of the contract are met.

Whether the performance metrics were met by increasing sales or cutting staff is usually not the subject of the contract - only the bottom line. And, thus, our criticism.
 
board monkey said:
Anybody else get the feeling these two are related?
Click to expand...

I can only hope you're being sarcastic. They're brothers. John is Lew's younger brother. Not entirely uncommon. Just look at the Mays clan over at Clear Channel.
 
NealH said:
board monkey said:
Anybody else get the feeling these two are related?
Click to expand...

I can only hope you're being sarcastic. They're brothers. John is Lew's younger brother. Not entirely uncommon. Just look at the Mays clan over at Clear Channel.
Click to expand...

Half sarcastic. I thought they maybe brothers or father son or cousins etc..... I haven't worked at CC so I cant attest to the Mays folks. I was making a point about them both getting a decent bonus.
 
As a employee who was laid off, these executives should have taken a salary
cut, or if they wanted to save money, a 5% across the board cut for those who
were a part of this company, which would have saved jobs and not put Cumulus
into the position they find themselves in, you can't run a radio company without
people and "proper" leadership.
 
For those of us who were part of the almost 300 people who were "laid off" (as if we're ever going to get hired back) a month ago. And are now wondering how we will be paying our Mortgage/Rent next month. It's so good to know the ones who decided to get rid of 8% off the Cumulus workforce, will now get their Bonuses because of us. You're very welcome :mad:
 
If only radio execs believed in this philosophy:

Real Leaders Eat Last

Golden parachutes, obscenely large salaries, bonuses and perk for executives that have risen disproportionately to the pay of the rank and file, labor disputes, companies run into the ground while the leadership exits set for life. Seems to me there is a very simple solution to a very complicated problem – real leaders eat last.

I was a soldier once, and young. The first time I went to the field on tactical exercises involved staying in the woods for several days. When the supply sergeant set up the chow line – thermal insulated containers containing mashed potatoes, sliced ham, green beans and a large container of iced tea – the soldiers lined up to get their food. As I walked up, my company commander motioned me over. He said simply “leaders eat last”.

The captain went on to explain that out of a show of respect for the soldiers who carry the heaviest loads, who put themselves in the greatest harms way that leaders eat last. He pointed out to me how the corporals in charge of four soldiers let their four go first. The sergeants in charge of the corporals waited until their two corporals and their soldiers went through the line, then the sergeants went through. This went on through the ranks until all the enlisted soldiers received their food, then the captain motioned for me to go before him.

This accomplished several things. It ensured the quality of food remained high until all hundred plus soldiers had eaten, and the captain at the end knew that everyone before him had received enough, and that the quality was at least as good as he received, if not better. It demonstrated to the lowest ranking soldiers that their leaders care about them.

Leaders in the army have many responsibilities and demands on their time. The decisions they make determine who lives and who dies. They certainly could pull rank, eat first and get on to their important tasks – but they realize the most important thing they can do is to earn the respect of those they lead by putting those they lead first.

When a corporate executive receives a multi-million dollar bonus yet raises the deductable on his employee’s health care, when she flies first class to a meeting yet lays off employees to save money, they do not put those they lead first. Rather, they ensure they eat first and let the scraps fall to the rest. No wonder there is a perception that corporate CEOs are evil and greedy – and it would do well for them to consider how they could implement a “real leaders eat last” philosophy in their business.

I am fortunate to work for a company that embodies the philosophy of leaders putting their people first. I suggest that many of our corporate issues in America could be quickly resolved if executives and boards of directors followed the simple philosophy that Real Leaders Eat Last.




We all know that MOST execs in radio have nothing on their mind but the bottom line though. PATHETIC.
 
Many, many years ago, I worked for Jon Pinch when he was but a lowly GM in the Tampa market. I was a hot-shot 24 year old jock and due a ratings bonus. My PD, the infamous rock n' roll dentist, Dr. Chuck Crane went to bat for me but kept coming back with excuses from Jon as to why he shouldn't have pay it. On principle, I threatened to walk. After a month of this I finally got the bonus, in my paycheck, spread out over 4 pay periods. I wonder if Jon got his in one lump sum, or on the installment plan like I did.
 
And the saddest part is, we have to take the slap in the face and keep on smiling :-\
We've all become disposable commodities to the suits. Rock the boat, and they'll replace you with some kid who doesn't know what button to push, but he'll do it for cheap.
 
These guys get bonuses as they push the company to the brink of default? That is AWESOME!!


INSIDE RADIO: CMP restructures; sells big stake.
The four Cumulus Media Partners stakeholders will cut their share in the privately-held, 35-station group and sell a 40% stake in the 35-station group. Like a growing number of other radio groups, CMP was at risk of breaching terms of its bank loans.
 
UncleCharlie said:
These guys get bonuses as they push the company to the brink of default? That is AWESOME!!


INSIDE RADIO: CMP restructures; sells big stake.
The four Cumulus Media Partners stakeholders will cut their share in the privately-held, 35-station group and sell a 40% stake in the 35-station group. Like a growing number of other radio groups, CMP was at risk of breaching terms of its bank loans.
Click to expand...

I believe you are talking about two different companies. CMP is the private equity group formed to buy the Susquehanna stations, while the one under discussion is Cumulus Media, Inc.
 
CMP is Cumulus Media Partners i.e. how the Dickeys got the money to buy the Susquehana stations. The Dickey boys are one of the 4 partners, the other three investment banks. Cumulus Broadcasting is the "Dickeys" company, that is publicly traded. Cumulus Broadcasting operates the CMP stations under the management agreement.

Same guys. Fancy B-school organization.
 
You get rewarded for screwing up. Next we will be giving bonus incentives to prisoners.

Who cares what they did? It's all about the Benjamins.
 
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