Has anyone seen the article published by Star Tribune regarding the Cargill/Macmillan families rewarding themselves with $2B in buybacks and dividends. Pretty digesting to say the least. Not sure how anyone working for Cargill could feel good about themselves. Yeah, you have a job but they certainly don’t care about you
https://www.startribune.com/cargill-special-dividend-stock-repurchase-buyback-layoffs-minnesota-macmillan/601206644
They get paid via annual family dividends. Google it. This goes above and beyond that. Theyre greedy.
A dose of reality.
The family can get a higher ROI on their money investing in other things as Cargill’s returns are not at par with other industries.
They are doing what any other investor would do. Tone deaf? You bet!!
True re is no loyalty from them and you should not give it either. Find another job where you get a gig return for your skills. I did that and have not been this happy in a long time.
So long Cargill!!!
What kind of McLaren is Kathy going to buy?
Whatever the rationale for the buyback, it doesn’t change the fact that the owners of this company have become far too greedy. They would rather get more money in their pockets than provide employment to thousands who loyally worked hard for them for years. Stop drinking the koolaid and see it for what it really is.
There was a special dividend ($500m) and a share buyback ($1.5bn).
The dividend was payable to all stock holders including the ESOP.
The buyback was only for common stock (family).
The dividend and buyback was proposed back in Feb 2024.
These buybacks are usually used to allow family members to get cash from their stock and reduce the risk of the family taking the company public.
The buyback also has the effect of reducing the family-owned percentage. Overtime reducing the risk of the family taking the company public.
The buyback also has the affect of increasing the value of the remaining shares, including those in the ESOP.
So while the optics aren't great with the timing, it is not "just a family cash grab", but more of a defensive move to prevent going public.
The family is more than welcome to take as much of the profits as they want. It should be a reminder to the employees that your well-being, success, and comfort matter much less than their lavish wealth. Don't give Cargill a moment more of your time and energy than the minimum to keep your job.
5 Billion is a greedy, egregious payout considering the layoffs they endorsed. Taking 5 billion while empathizing with those who were laid off falls a bit flat…IMO
They own the company so.... If you would own company worth billions, you wouldn't pay yourself ?