Wednesday, March 10, 2004

Kraft and concentration

Title: Kraft bonuses: $10M amid layoffs
Source: CNN Money
Date: March 6, 2004

From the article:
    Bonuses totaling more than $10 million were paid out to five Kraft Foods Inc. executives at the end of 2003, even as the giant food maker made plans to lay off thousands of workers.
CEO Roger Deromedi received $3.7 million. Marketing cheif Betsy Holden received $3.5 million. NA President David Johnson got $1.3 million. Executive Vice President Franz-Josef Vogelsang received $1.2 million. Hugh Roberts got $900K.

The article also states:
    In January, Chicago-based Kraft said it would cut about 6,000 jobs and close 20 plants as it tried to restore growth.
The company has not been doing well, so it fires 6,000 people. Yet the executives still rake in $10 million. The concentration of wealth advances one more notch.


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