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UPDATE: @Kroger just disclosed CEO Rodney McMullen received $21 MILLION in compensation in 2019
The details of his compensation package may explain why McMullen is so eager to end the "hero bonus," cutting wages by $2/hour in the middle of a pandemic https://popular.info/p/update-krogers-21-million-man
The details of his compensation package may explain why McMullen is so eager to end the "hero bonus," cutting wages by $2/hour in the middle of a pandemic https://popular.info/p/update-krogers-21-million-man
2. @Kroger likes to talk about how its compensation is performance based but McMullen was paid over $20 million despite failing to achieve two long-term goals related to employee and customer satisfaction
https://popular.info/p/update-krogers-21-million-man
https://popular.info/p/update-krogers-21-million-man
3. Kroger has eliminated the metrics related to employees and customers
Next year, McMullen's bonus will be determined, in large part, by how much FREE CASH FLOW he creates
By cutting worker wages, McMullen increases the chances of maximizing his bonus https://popular.info/p/update-krogers-21-million-man
Next year, McMullen's bonus will be determined, in large part, by how much FREE CASH FLOW he creates
By cutting worker wages, McMullen increases the chances of maximizing his bonus https://popular.info/p/update-krogers-21-million-man
4. Keep in mind, this is all happening as KROGER WORKERS ARE DYING OF COVID-19.
A @Kroger manager in Tennessee died yesterday
A cashier in Michigan died on Sunday
That hasn't altered Kroger's plans https://popular.info/p/update-krogers-21-million-man
A @Kroger manager in Tennessee died yesterday
A cashier in Michigan died on Sunday
That hasn't altered Kroger's plans https://popular.info/p/update-krogers-21-million-man
5. @kroger hasn't explained WHY it needs to cut wages by $2/hour in three days
Business is booming.
It has billions in cash reserves.
Sign up for my newsletter, Popular Information, to stay updated --> http://popular.info/subscribe
Business is booming.
It has billions in cash reserves.
Sign up for my newsletter, Popular Information, to stay updated --> http://popular.info/subscribe
6. McMullen isn't the only Kroger exec with a huge compensation package
The company paid its COO $10.3 million, its CFO (who retired last April) $8.4 million, and the new CFO $4.1 million.
https://popular.info/p/update-krogers-21-million-man
The company paid its COO $10.3 million, its CFO (who retired last April) $8.4 million, and the new CFO $4.1 million.
https://popular.info/p/update-krogers-21-million-man
7. In 2019, the median Kroger employee earned $26,790. Kroger was required to disclose that "the ratio of our CEO’s annual total compensation to that of our median employee for fiscal 2019 was 789 to 1."
In 2018, the ratio was 483 to 1. https://popular.info/p/update-krogers-21-million-man
In 2018, the ratio was 483 to 1. https://popular.info/p/update-krogers-21-million-man
8. @Kroger's decision to roll back the hero bonus takes effect on SUNDAY.
Their bet is that, ultimately, consumers won't care that much.
But this is a new world.
We'll see if Kroger is correct. https://popular.info/p/update-krogers-21-million-man
Their bet is that, ultimately, consumers won't care that much.
But this is a new world.
We'll see if Kroger is correct. https://popular.info/p/update-krogers-21-million-man
9. Finally, I'll note that McMullen and other corporate executives continue to work from home and @Kroger has made its 2020 annual meeting, scheduled for the end of June, entirely virtual
So the company is well-aware that employees in stores continue to face dangerous conditions
So the company is well-aware that employees in stores continue to face dangerous conditions
