Strange Tony,
Kindred CEO Ben Breier received over $8.5 million on Day One for selling Kindred to financial rapscallions so it could be carved into pieces. Breier's piece got the lion's share of revenue and lightened its debt load.
Breier became President of Kindred's Rehab Division in 2005 when the stock hit nearly $40 a share. As President/CEO of the whole company he drove the stock price down to the $9 sellout price. During the last three years of under performance Breier received $5.4 million, $6.5 million and $11.4 million in executive compensation. Add his $8.5 million DAY ONE payday and the total is $31.8 million.
For the last three years Kindred paid $18.1 million to fund retirement benefits company wide. These numbers are a direct reflection of board and executive priorities. Financial rapscallions tend to do even less for employees, a bad omen for either new Kindred company.
Ben Breier and other Kindred executives had a banner Day One. The shiny, happy people in Employee Experience have yet to mention the gross inequity of already rich executives bringing home millions more on the first day of our new "journey together." They also have been silent on stagnant pay and deteriorating benefits.
Kindred at Home has been saddled with a massive debt load and is highly leveraged. Add that Humana wants to use Kindred at Home's cash flow for acquisitions and a pittance might be left for employees. That is if executives don't need that morsel more. The lesson in all this is: Their will be done.
Anonymous (from KAHtiva Hospice--soon to be Curoed)
Day Two: No sign of a raise or bonus (outside a select few) at our site. Also, no sign of corporate types who typically show up to criticize and are miserly with positive feedback.
ReplyDeletehttp://thegreatrecession.info/blog/trump-tax-cut-bonuses-are-a-bust/
I yet to receive my $9 in cash for what I once bought via the Gentiva ESPP at $27+ then was converted to $18 Kindred stock. At least I'll have a nice tax loss in exchange for 20+ years of service.
ReplyDeleteBen Breier will serve as Chairman of the Louisville Healthcare CEO Council which will establish an investment fund. Someone needs to ensure WCAS and TPG profit from flipping Kindred Healthcare, Breier's current employer. Humana's Bruce Broussard is on the Council as well. Humana buys and sells companies as well.
ReplyDeletehttps://www.bizjournals.com/louisville/news/2019/09/13/powerful-ceo-council-to-establish-investment-fund.html?ana=yahoo&yptr=yahoo