Thread regarding DST Systems layoffs

Golden Parachute for Senior Management at DST

It's a long read, and I will be the first to admit that I don't understand all the details in the 'Interests of the Directors and Executive Officers of DST in the Merger' section starting at page 54, but if you're interested, here's the official SEC filing for the merger:

https://www.sec.gov/Archives/edgar/data/714603/000114420418006367/tv484604_prem14a.htm

If you go to page 61, Steve Hooley is getting over $28 million in 'Golden Parachute Compensation'. That's a pretty good payday for him. That doesn't seem to be his only compensation - there are several other categories in the 'Interests of the Directors and Executive Officers of DST in the Merger' section of this document - the end of page 57 references a $4.5 million stock grant to Hooley, page 58 mentions that he can quit after the merger and get a lump sum payment equal to three years of his salary and benefits and he gets a 'gross-up' payment of up to five times the tax on his Golden Parachute payment. Page 59 references an executive severance lump payment of two years salary, bonuses and benefits. Page 60 references another $35 million in bonuses for DST executives (not just Hooley). There's a lot more in there.

On a sadly related note, the pool for annual raises for DST staff this year is a 1.9% increase, which won't keep up with inflation for existing workers.

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| 2111 views | | 2 replies (last February 14, 2018) | Reply
Post ID: @OP+RJgJDsX

2 replies (most recent on top)

The exec's are being extra lazy, they see the golden parachute on the horizon. Its all on you runts to make sure dst systems doesnt loose enough customers to make ss&c knee jerk out of the deal and the execs golden parachute never come.

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Post ID: @fef+RJgJDsX

Executives will be rewarded while the associates who are left after the merger will be making less in 2018 than in 2017.

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Post ID: @toi+RJgJDsX

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