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So, with the back pay payouts to the Executives and Board Members, none of them will miss out on any pay, it was essentially just delayed. How about the 100 people whose jobs were cut, will they be receiving any back pay? I get it, this is just the standard way of large or publicly traded companies and their executive pay, but does anyone else think this looks bad? Especially in these times of the pandemic?
Yes.
So, when is working without pay, not really working without pay? When it is reimbursed, that’s when.
Sounds like there might be a story here, IBJ. Doesn’t say who brought the issue to the board. David Simon? Who?
With all due respect, I am betting that executives have worked long and hard during this pandemic to ensure the future of SPG along with the jobs and livelihoods of the 5000-10,000 other workers that retained their positions in 2020. I am sorry for the 100 permanent loses, but management should be compensated for the work and stress they have endured and congratulated for their creativity, persistence, and strategic vision for the changes they have surely implemented to sustain the company for years, decades, and hopefully more to come.
Did critics read of Simon’s purchase of retailers like JCP and Brooks Brothers, saving those brands (and jobs) from certain demise?
Sometimes executives make too much, that is true. Sometimes management pay is warranted and needed to ensure everyone else continues as well.