Thursday, June 1, 2017
Breier's New Chief of Staph to Protect His Riches
Kindred President Ben Breier scored two personal gains recently. The company deigned he needed a Chief of Staph. Kindred's Chief Strategy Officer took on the Presidential protector role. The move further insulates Breier from Kindred's 100,080 non-executive employees, who've suffered from declining benefits and stagnant employee pay under his reign. Taking advantage of employees is a Kindred corporate strategy.
Breier's second win was a new stock grant of 272,000 shares. It will vest one third per year for the next three years. Recall President Ben's compensation rose to $7 million last year for under performing on promises. Kindred lost $664 million last year. Breier earned $1 million for each $100 million the company lost.
Kindred felt generous last week as the rest of the executive team plus the board received restricted stock options. These are usually convertible to shares in a buyout. As Kindred stock jumped a nickel less than $1 today, Wall Street might smell another round of rich executives making millions by flipping their company.
Meanwhile, our hospice is hanging together by a thread. Serial mismanagement left our ship floundering. Corporate has no clue the damage they allowed to exists for years. They should have known from the last two PwC employee surveys but Kindred, like Gentiva, shoots the messenger vs. working on causes, focusing on processes and coaching staff.
The PwC survey went the route of wage increases for 2017. Kindred Homeboy President David Causby finally taught Breier the Gentiva way, where employees have no voice and get no raises. We have the new Employee Experience, where employees needs for IT support outweighed pay, benefits and horrific management practices. Did the Chief of Staph or our Chief Peephole Officer come up with that? Either way, Kindred is culturally toxic.
The C Suite grows richer by under performing while ignoring abysmal and unethical management. Ben Breier had a great week personally. He now controls 1 million shares of Kindred stock. His holdings went up $950,000 today. Think about that when you pay the new $8 annual 401k fee, if you are lucky to be able to save for retirement on Kindred pitiful pay.
There are more ways Kindred can throw money at Breier. The company can buy his house for a premium price, give him additional moving expenses or institute a $1 million bonus just for showing up for work. The board has done those before for Chief Fleecing Officer Stephen Farber and Kindred Homeboy David Causby.
Kindred executives know how to enrich one another while shafting employees. I expect any hospice that treats employees as people can raid Kindred of the caring talent that remains. The work is holy, but management is hellish.
Anonymous (from Kindredful)