Also in an 8K filed on Friday, it was made public that the Cumulus compensation committee awarded CEO Mary Berner a one-time discretionary cash incentive compensation award of $1,087,500 “in recognition of, among other things, her exceptional efforts and contributions during 2016, both individually and as a member of the management leadership team, in the initial phase of the Company’s operational turnaround plan and ongoing operational and financial restructuring.”
$1M for a bonus? Seriously? Stock prices are falling under $1 a share again and NASDAQ de-listing looms once more. These are the same folks that threatened legal action against my internet radio station I operate in the same area as one of their stations, claiming trademark infringement, of which they had no legal standing whatsoever. They should spend their time more wisely getting their financial “house” in order, stop providing CEOs with ridiculous monetary bonuses, and focus on what’s important, rather than threatening to file frivolous lawsuits. Misplaced priorites…
The company just announced a new program all but begging employees to bring in sales leads to help the company survive. Gotta raise revenue! Meanwhile equipment is falling apart and stations are staying on air with duct tape and scavenging parts. Not a dime on product to improve listenership but let’s give board members and the CEO a massive bonus. Cause that makes sense. What a joke.
They gave Ms Berner a bonus for running a great WABC into the toilet. Her bonus is twice what my salary would have been. I could have commented throughout the 2016 elections with exclusive interviews. What did she bring to listeners? She is rewarded, even as the station under her leadership tanks. Where is the board and why are stockholders still left holding the empty bag?
What an absolute joke. Why don’t you just call it a “just because we can” bonus. All across the footprint of this company, employees are being terminated for the exact same level of performance as the CEO…..they are fired, and she gets a $1M bonus. Wow! I’m impressed. Yep. That’s real HABU, Cumulus. Makes all of us employees just feel warm and fuzzy inside.