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Old 01-17-2007, 07:15 AM   #1
Join Date: Sep 08, 2006
Posts: 234
Whiskerbiscuit is on a distinguished road
Default Change the name ... to Panero

Some "ballsey " BOD XM has huh ?
11 million last year as the company tanks......

CEOs who take the millions and run ...Forbes

Dane Miller, the CEO of medical-device maker Biomet (BMET, news, msgs), is about to get a raise of nearly 350%, or nearly $2 million a year. His pay in the first year of the deal will be a tidy $5 million.

Why the raise? Miller is stepping down as chief executive and cutting back to a 10-hour-a-week consulting role. To help with that work, he'll receive $100,000 a year for expenses, including an office and a secretary. Biomet will also provide Miller -- who with his wife owns about $230 million worth of Biomet stock -- with a cell phone, laptop computer, PDA and company car.

All this makes Miller part of a growing number of CEOs who are paid more in retirement than they were while steering their companies. The companies, for the most part, say the packages serve two main purposes: to reward the former execs for their contributions and to keep them from working for the competition.

But critics think it's just another example of corporate boards, which are supposed to monitor executive compensation on behalf of investors, being asleep at the switch. Why, asks Bob McCormick of Glass Lewis & Co., an investment research firm, wouldn't departing CEOs be willing to offer some free advice to the companies that already had paid them millions of dollars -- or in the case of Miller, tens of millions of dollars -- during their careers? "To give them such a huge incentive after they leave is outrageous," he says. A Biomet spokesman declined to comment.

Take the millions and run
CEOs heading out the door with big severance packages is not a new phenomenon, but the numbers grow each year. Lee Raymond, former chief executive of ExxonMobil (XOM, news, msgs), walked away with a $400 million retirement package. Outgoing UnitedHealth Group (UNH, news, msgs) CEO William McGuire will get an estimated $1.1 billion retirement package when he steps down. And Richard Grasso of the New York Stock Exchange was slated to receive a $180 million retirement package when he stepped down in 2003.
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Old 01-17-2007, 09:18 AM   #2
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Join Date: Jul 13, 2006
Posts: 46
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Its funny how some people on this board use the words "tank" and "disaster" when talking about XM's 2006.

However what they forget is the fundamentals as they lock into sub add counts.

Lets not forget ARPU, CPGA and SAC levels... those kinda count as well.

XM did not have a great 2006... however using the word "tank" is harsh. Especially since they are closer to full year profit than Sirius.

XM at current valuation levels place it below Sirius. Which is where it belongs. I dont see why people expect XM to perform as well as Sirius when its valued at $600MM less.

Now back to your statements... so what is Panero made $1.1MM in Salary and Excercised $8.84MM in stock?

Clayton (the scourge of Sirius) excercised and sold $10MM in December alone... god knows what his base and total holdings are.

Howard made around $180MM in 2006 while Mel also was paid $3.45MM in salary (thats 3X what Panero makes in base). All while Sirius shed about 40% of their stock value in 2006.

I will hand it to Mel in 2006 he was buying up stock... at those levels he obvioudly believes in the future of Sirius. However his base pay is 3X his counterparts so he would have to sell less to buy ramen.
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