IT REALLY SHOULD come as no surprise that when it comes to the corporate financial crunch, those at the top always find ways to protect and even increase their share of hoarded gold. Yet, when we came across evidence Micron execs were at it, we idealistic and naïve INQsters were saddened.
Back in December, Micron informed its hardworking employees the dire state of the economy was forcing it to cut their base salaries by up to five per cent. The firm also said it would be immediately suspending employee bonus payments, including those for the period ending in February.
Executives and directors were also purportedly to take a 20 per cent pay cut, to show the troops they weren't alone in taking a hit to their wallets.
But according to recent filings on SEC's EDGAR Online, it would appear Micron employees were being led a merry dance down the garden path, as execs engaged in the most cynical of money shuffling.
Seemingly noble Micron execs actually managed to secure themselves lucrative $0 stock option grants, which translated into millions of dollars. For example, on the day of the grant, CEO Steve Appleton's slice was worth $3.5 million whilst Micron COO/President, Mark Durcan's, was worth $1.5 million. Poor old Ron Foster, the firm's CFO, only managed to rake in one million dollars through the scheme, which seems sad, seeing as he's the company money man.
The stock option grants are most probably a multiple of the employee's annual base salary, proving the financial crisis hasn't necessarily taken its harsh toll on EVERY Micron employee's take-home pay.
As much as it pains us to say it, Micron execs probably aren't the only ones playing dirty when it comes to this type of self indulgent avarice. After all, the fat cats can't be expected to give up their cream just because everyone else is on rations of bread and water. µ
See for yourselves here
Sign up for INQbot – a weekly roundup of the best from the INQ