Strange Tony,
Kindred CEO Ben Breier made over $11.6 million for his work in 2017. His executive pay is up over 100% in two short years. Over this period Kindred lost $16.74 per share. Breier's greatest pay check came the year the company lost the most money.
Kindred CFO Stephen Farber received $8.5 million from 2015-2017. His main job was to reduce leverage from Kindred's corporate buying spree in early 2015. Farber received $350,000 for his work relative to closing the Gentiva deal and the company purchased his home for a premium price after neighborly relations deteriorated.
Kindred at Home President David Causby earned a $1 million retention bonus each of the last three years. His stay-on bonus made up $3 million of his $10.8 million in pay from 2015-2017.
It's hard to see any pay for performance for these executives. Breier got big money for promising growth but instead shrank the company. CFO Stephen Farber was supposed to reduce leverage to the mid-4x range. He made it soar to 6.1 times EBITDAR. Causby received lottery winnings simply for being employed on a specific day of the year.
It's greed pay from a club board, the one that sold the company out on the cheap. The sellout will enable Kindred executives to roll over their stock holdings into an even greater stake in their respective new private entities. Will board members get to do likewise? That might explain the bizarre deal with Humana and two financial rapscallions.
Anonymous (from the level that got little to no raises under Kindred)
Breier's $11.6 million executive compensation is 2.6 times what Kindred spent company wide on retirement benefits. Take care of executives, not regular employees, is the operational value.
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