This is a real example of what is totally wrong with the Corporate Culture and Corporate accountability in America….
These guys destroyed a profitable, iconic American Company.
Even though it makes nasty, bad-for-you treats full of preservatives and strange chemical things…
But that’s what America seems to want. It’s really hard to fail at this….
And they failed. And are going bankrupt. Bad management is the only excuse…
And they are getting bonuses for this? Talk about Bain Capital as a business model….
I guarantee the hourly workers aren’t getting any bonuses for making the product; only those whose “leadership” destroyed the company….
From the L. A Times:
Hostess Brands Inc., in the midst of winding down its business, won approval Thursday from a federal bankruptcy judge to give as much as $1.75 million in bonuses to its executives.
The money is intended as an incentive for 19 top-level managers to remain with the Twinkies and Ding Dongs maker to oversee its liquidation.
The payouts will be granted only if managers “achieve a set of specific tasks and goals within a specified time frame that are designed to speed and lower the cost of the wind-down,” Hostess spokesman Lance Ignon said.
The maximum bonus amount, Ignon said, represents 0.07% of Hostess’ revenue and 0.17% of the value of its assets and is below the average for bonuses in comparable bankruptcy cases. Hostess Chief Executive Greg Rayburn would be not be eligible for a bonus, Ignon said.