I have just been reading article in The Age and then the GNC release regarding appointment of new CEO and how he will get a signon bonus of up to $7.2M.
The GNC Chairman reportedly claims it necessary due to uncertainty of the future ownership of GNC and the article hints that the company) would not not mind if ADM (or someone else) came back with another offer.
My interpretation of the release is that if GNC is taken over in the next 3 yrs, the CEO will pocket $7.2M less salary and incentives he has received.
I as a shareholder wish to have a CEO and board who believe in the future, growth and maintenance of GNC as an Australian owned company, not be gobbled up by some multinational.
This remuneration deal comes across to me as almost rewarding the CEO if they can get a takeover through!
I think it stinks and I feel cheated as a shareholder, especially as one who on principal resisted the previous ADM attempt.
GNC Price at posting:
$8.59 Sentiment: None Disclosure: Held
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