While some go, others are coming in

Joined: 06 Jul 2003 Posts: 7087 Location: Central CA

Sears Holdings Names President of Key Business Unit

Joined: 06 Jul 2003 Posts: 7087 Location: Central CA

Sears shuffles execs

Joined: 17 Nov 2003 Posts: 1017

Joined: 06 Jul 2003 Posts: 7087 Location: Central CA

I was thinking the same thing but decided not to mention it. Mr. Green

Joined: 08 Jul 2003 Posts: 5005

...Global Business Unit.What's Guenther going to do,open Sears Hardware Stores in downtown Berlin.

And let's see an ex Motorola guy who job it was to downsize what used to be one of MOT better businesses.So a guy who is used to downsizing and dealing with a shrinking business unit now is put in charge of a Sears Unit that quite frankly has to be expanded and have more money put into it.

I wonder if one of these was a considered a more prestigious or higher paying job that Ms McGuire was turned down for after 4 years of loyalty to the crew.A coincidence that she unexpectedly leaves the day 2 new execs are named to SHLD.

Nofs,the title says it better than you might think.

Joined: 04 Mar 2008 Posts: 136

Guess this means you'll be able to buy your next Die Hard battery or Craftsman wrench from a coin-op machine in a gas station rest room.

Such talent.

Joined: 05 Dec 2007 Posts: 280

Joined: 05 Dec 2007 Posts: 280

Joined: 18 Jul 2004 Posts: 59

"With all these hatchet people coming aboard I'm thinking the next step is going to be a big one."

Do you mean like an amputation at the knee? Elbow? Or, perhaps, the neck?

Joined: 29 Mar 2006 Posts: 1236 Location: Ontario, Canada

I was trying to find the correct thread for my thought, and this title seems best suited....

Why, all of a sudden, are all of these high priced execs leaving, apparently of their own accord? Why not wait for the golden parachute??

Have they got some special parachute clause in their contracts, or are they accutely aware there is no money in the till to pay those severances????

This type of bailing is most unusual for this level of executives.

What do you think??

Joined: 06 Jul 2003 Posts: 7087 Location: Central CA

I think the fact that the terms of these people leaving is kept such a closely guarded secret between them and the company that they DO get probably whatever their contract called for in the first place and if not, then damned close to it.

Most of those golden parachute clauses especially address the situation in which the employee is let go prior to the contract expiration. I think these people are being quietly pushed out of the company and collecting their parachute loot, but that they're being publically allowed to "resign" of their own free will in order not to hurt their chances for future employment.

Joined: 29 Mar 2006 Posts: 1236 Location: Ontario, Canada

Thanks Nofs... I wondered if the 'resignations' were just a smoke screen, but seriously, haven't they already hurt their reputations enough just by having SHLD on the resume???

If we had seen any signs that these 'retirees' had already accepted positions elsewhere, then it would make sense... though, you certainly bring up a fine point about the guarded secrets of Eddie and his contractual agreements! But, what would Eddie care about their future careers, if he is still paying out the parachute funds? If he LETS them all quit before the qaurter results are made public, can he inflict the same amount of blame on those that 'bailed' in the public eye, because they expected/knew how bad things would be?

I know your explanation is pausible, Nofs, and I appreciate your response, but something really stinks here...... it adds up like an SHLD income statement, all negatives!

Joined: 06 Jul 2003 Posts: 7087 Location: Central CA

For me, it all goes back to Kevin Keleghan who was my one big hope that someone would finally blow the whistle at Hoffman. I got the impression that he wasn't satisfied with his original severance and he took the company to court... he finally wound up taking a settlement, the terms of which were of course not disclosed and remaining as silent as he rest of them. Of course his beef was with Lacy but I'm guessing the same procedures applied then as now.

My theory is that they get to leave quietly, with all their loot, simply so they will keep their mouths shut. I don't Eddie gives a flip about their futures either but they DO know where at least some of the bodies are buried and it might be worth paying them rather than dealing with the fallout.

I've always wondered why these people get so much more when they get fired than they would have if they'd kept working and the above is just a guess as to why that might be so. I think they're not being paid for leaving, they're being paid for not talking and making it a resignation to "pursue other options" or whatever just keeps the questions from being asked in the first place, not that anyone in our present day media would ask any anyway.

Remember, Julian Day, who was right in the middle of the whole Kmart thing walked away with 130+ million bucks when he left the company and it damned sure wasn't for presiding over 13 months of same store sales declines.

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