The former CEO of Associated Bank and WMC board member made off with over $1 million upon retiring from the bank which recorded a $160 million loss. As one commenter put it, ‘Well, here’s to a job… done.’
From the Milwaukee Journal Sentinel:
In his final year as chief executive of Associated Banc-Corp (ASBC), Paul S. Beideman received $1,453,457 in total compensation, the company said Tuesday.
The $1,453,457 Beideman received included a salary of $900,000, stock awards of $264,077, option awards of $179,720, gains of $83,561 in retirement compensation and $26,099 in other compensation. Altogether, it amounted to about 48% less than the $2,776,841 total compensation he received in 2008.
Beideman retired after six years at the helm of Associated, which posted a loss of $161.2 million and a 48% drop in stock price in 2009.
Excessive executive compensation is nothing new. (Check the AFL-CIO’s Executive PayWatch for hundreds more examples.) In fact, it is so status quo that I’m headed up right now to the Wisconsin AFL-CIO event outside of JP Morgan Chase to “demand good jobs now” in lieu of excessive executive compensation. As AFL-CIO writes today:
‘The banks that we bailed out with our tax dollars are using that money to resist financial reform and pad their wallets.
That lobbying and bonus money must be redirected towards creating jobs.’