Staples Inc. stockholders yesterday overwhelmingly approved the proposed $6.9 billion sale of the nation’s No. 1 office supplies chain to New York private equity firm Sycamore Partners, but rejected “golden parachute” compensation for top Staples executives. HAHAHAHAHA! Watch as the exec's start leaving in droves..... Shareholders..... THANK YOU!
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Wow! $8.6M dollars to drive Staples into the ground! Great job Shira! Makes me wonder how they can sleep at night. Oh, yes, they have no conscience! Happy retirement! All of the other employees that will lose their jobs are in for a rough ride, but at least the executives will be just fine and dandy!
"(i) in the case of Ms. Goodman, $8,600,333,"
In what alternate universe is Ms. Goodman's leadership worth $8,600,333???? I know she wasn't at the helm for ALL of the bad decisions but she has been at the company for most of her professional life and definitely had her hand in more than her fair share. Is this the new way to reward mediocrity? You really did a less than average job and the company is doing so poorly we pulled the rip cord and sold out, but here, take $10,000,000.00 for screwing up. Where on earth does this make logical sense???
Yes, yes.
One way or another, they will get paid. That'll never change, no matter what company it is.
GOOD GOD..... incredible how they will get these sums of money for failure -
https://www.streetinsider.com/SEC+Filings/Form+8-K+STAPLES+INC+For%3A+Sep+05/13282291.html
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously disclosed, on June 28, 2017, Staples, Inc. (the “Company”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Arch Parent Inc. (“Parent”) and Arch Merger Sub Inc., a wholly owned subsidiary of Parent (“Merger Sub”), providing for the merger of Merger Sub with and into the Company, with the Company surviving the merger as a wholly-owned subsidiary of Parent (the “Merger”). Parent and Merger Sub are beneficially owned by funds managed by Sycamore Partners Management, L.P.
In connection with the Merger, the Company has amended its severance benefits agreements with Shira Goodman, Christine Komola, Mark Conte, and Michael Williams (the “Executives”), pursuant to which each Executive is entitled to receive certain severance benefits if he or she experiences a “qualified termination” (as such term is defined in the severance benefits agreement). The amendment to the Executives’ severance benefits agreements provides that the Company may not terminate such agreements, with or without 90 days’ advance written notice, within the twenty-four month period immediately following the closing of a change in control (including the Merger), and that the Company will require any successor or transferee that directly or indirectly acquires all or substantially all of the business or assets of the Company or the business unit of the Company for which the applicable Executive performs services expressly to assume and agree to perform such agreement through such extended term to the same extent that the Company would be required to perform under the agreement if no such succession or transfer had taken place. The foregoing description is qualified by reference to the full text of the form of amendment filed as Exhibit 10.1 attached hereto, and incorporated herein by reference.
In connection with the Merger, the Company has also amended its agreements governing the 2017-2019 performance share awards granted to each of Ms. Goodman, Ms. Komola and Mr. Williams to provide that the Company will pay to each such individual an amount sufficient to “gross up” such individual (in whole or in part) for any excise taxes under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), that may become payable by such individual as a result of such individual becoming entitled to any amounts or benefits that would be “excess parachute payments” pursuant to the parachute payment provisions of Section 280G of the Code. The aggregate amount of such “gross up” payments shall not exceed (i) in the case of Ms. Goodman, $8,600,333, (ii) in the case of Ms. Komola, $3,318,651, and (iii) in the case of Mr. Williams, $1,102,417. The foregoing description is qualified by reference to the full text of the form of amendment filed as Exhibit 10.2 attached hereto, and incorporated herein by reference.
As an ex-employee and sharefolder I voted "yes" to the sale and "no" to the golden parachutes.
Yes to the sale because this company will self-destruct with the current incompetent leadership in place, and no to the golden parachutes for obvious reasons.
Interesting that top leadership have mocked statements from this site and referred to them as "disgruntled ex-employees", yet this vote shows the truth of how the vast majority view this company.
I wonder how Sycamore views the result of this vote...
As a shareholder I voted "yes" to the sale and "no" to the compensation.
Yes, I know they'll most likely take the money anyway due to the non-binding nature of the vote which is precisely why I voted "no" in the first place. There was never any doubt in my mind that anyone who has acted as unscrupulously as this "leadership team" has done throughout their tenure would deny themselves a heavy payout to set themselves and their ilk up for lifetimes to come.
It is, however, the only way to let this group know that they and the "job" they have done is undeserving of any such reward other than a pink slip and a bus ticket out of town. 2/3rds of we fellow shareholders clearly felt the same.
Let them have their money and let us hope that the Fifth, Eighth, and Ninth Circles of Dante's vision truly exist for that is where this group deserves to spend their money for all eternity.
Rumor has it that FM has a job already on the west coast. Not even waiting for the ink to dry.
Sorry to break the news but that particular vote is "non-binding" which means they'll still get their golden parachute. The outcome of the vote is irrelevant other than letting them know that stockholders weren't happy with their performance and don't think they deserve it.
You realize that the golden parachute only applied to three individuals right? I'm not sure 3 executive constitutes "droves" ?
"...stockholders controlling more than 329 million Staples shares voted against the proposal (golden parachute compensation ), while holders of more than 164.3 million shares voted in favor."
- http://www.bostonherald.com/business/business_markets/2017/09/staples_votes_to_go_private
Look at it this way, by getting the boot at least you've increased the sales of Staples Brand cardboard boxes so you're not total failures. "Onward!" and thankfully "outward".
Don't let the door hit your collective butts on your way out.
Good news
that was easy
Your welcome