Fiscal 2009 wasn’t exactly a good one for Quiksilver. The company lost $73 million, but that hasn’t stopped the top executives at the company from getting raises for 2010, according to a story on the OC Retail Blog. Looks like Bob McKnight is a million dollar base salary man again.
Here’s how it looks for next year vs this year (according to an 8-K filing:
Robert B. McKnight, Jr., 2010 $ 1,000,000
Chief Executive Officer and President 2009 $ 903,000Joseph Scirocco, 2010 $ 550,000
Chief Financial Officer 2009 $ 550,000Charles S. Exon, 2010 $ 500,000
Chief Administrative Officer,
Secretary and General Counsel 2009 $ 404,000Pierre Agnes, 2010 $ 475,000 (1)
President – Quiksilver Europe 2009 $ 419,000Craig Stevenson, 2010 $ 475,000
President – Quiksilver Americas 2009 $ 400,000
Hey, only losing $73 million on $1.98 billion in 2009 revenue is apparently something worth rewarding at Quik.
[Link: OC Register]
I am glad Craig Stevenson can afford a new 7 series beemer! This is all starting to smell like Gotcha! Too big to fail my ass. Rewarding mediocrity it’s the QS way!!
How many people did Quicksilver lay off in 2009? It probably makes a lot of sense to them.
so not right guys. so not right.
a slap in the face to a household who was hit by Quik layoffs earlier this year.
thanks D-bags, enjoy your Christmas while we move in with the ‘rents.
lame, very lame. i know they had huge layoffs. greedy, greedy, greedy.
As a current QS employee, I will say a few things here.
1. Our sales numbers are at about 2004-5 levels, so we needed to trim a lot positions that were no longer necessary and get our staff to 2004/5 levels. Yes, these layoffs were also to save the company $ and a lot of executive decisions had everything to do with why QS has been in such trouble this year. I am not naive. We wouldn’t be in a lot of this mess had certain people not made specific decisions.
2. Bob Mcknight took a 10% pay cut a little over a year ago. He was the only one of us that took a cut, as far as I am aware. If he got his back, I am semi-ok with that. We have all – so far – gone through this economy with no pay cuts, other than the lack of raises. Yes, good people got laid off, but that was inevitable anyway given the economy…Volcom, Sole Tech, Hurley, etc laid people off too. I have friends who got their pay cut 40% and hours reduced in other industries. We did not.
3. I will remain positive for now. All I can say is that if things are turning around at QS, and I believe that they are, and these crucial execs got these increases, the masses here better get their’s soon or there is going to be a mass exodus of a lot of good people. That is a fact.
I hear grumblings here all day about these exec raises. Most people are in a wait and see mode as raises were supposed to be scheduled for sometime in June. If they don’t come, it’s going to get really ugly.
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