CFO John Abbot (pictured), who’s only been with the company since July, and General Counsel Richard Denning will both receive generous holiday bonuses this year courtesy of the Cumulus Board of Directors Compensation Committee. Abbot, who has repeatedly said Cumulus has too much debt, will be handed a check for $421,875. Denning gets $165,000.
Cumulus says the cash awards were made in recognition of, among other things, the exceptional efforts and contributions made by those executive officers during 2016, both individually and as members of the management leadership team, in the initial phase of the Company’s operational turnaround plan and ongoing operational and financial restructuring.
Would it not be fair to suggest that shareholders are already bailing out…?
Yes, you are correct. The reverse split strategy should be the Coup de gras.
I remember when this same compensation committee gave “Lyin Lew” over 800k because he successfully eliminated over 200 jobs and helped assure Cumulus stock reached and all time low, and all in the same year! Brilliant. Yet another pencil neck gets rewarded this time for his amazing knowledge of the obvious. When will Cumulus share holders wake up?
In one particular market, two good, hardworking employees lost there jobs, just days before Christmas. The timing for these bonus awards is not good at all.
Wonder how many other Cumulus employees made exceptional efforts at their respective stations in 2016 and will not receive a year end bonus? Just think what they could do for the rank and file if they divided the bonuses up and shared it with each of their 90 market clusters. Why, that’s over $6500 per market. Merry Christmas!