Patriarch Partners LLC of New York purchased the assets of Polaroid Corp. in bankruptcy court in Minnesota for $60 million.That's just one more example of money on the prowl.
Xerox announced that it has cut its pay of its CEO, Anne Mulcahy, to only $12 million, a decrease of 6%. Xerox revealed that it reimburses its CFO, Lawrence Zimmerman, $125,000 per year, for the cost of traveling between his home in Boulder, CO and his office in Norwalk, Connecticut.Can this be true? With a stock price that won't budge. With 68% of my original IRA investment in XRX disappeared. With no release date for Erasable Paper. With yesterday's Market Cap at $4.5 Billion. Going down when the Oce stock price went up over 40% since the 17th. With all those layoffs. How many people could get something on their pensions with $11 million + $125,000?
To be clear Assuming this story is true, I have no problem with Anne or Ursala. They are doing their jobs within the rules. My problem is with the Board of Directors and most especially the head of the Executive Comp committee. I need to understand the thinking behind this kind of decision in the present political climate. I'm hoping they have a really good story to tell on May 29th. Say a power point for us little folks and a story for the institutional investors who hold 86% of the stock. I figure if I've been forced to take a hit, their mutual fund investors have taken a real haircut.
Fuji Xerox or Xerox Fuji? or Xerox Rank? or Xerox Canada? Maybe that's why Quincey and Tom are no longer with the mother ship?