Gunpowder Chronicle posted on October 19, 2008 1:54 PM | Rating:
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Mayonaise Shattuck is going to waive his $18 million severance package under the deal to sell Constellation Energy to Mid-American Energy Holdings. Of course, let's not forget that he is still slated to receive $10.9 million in "owed incentive payments". And if he is terminated within two years -- which is likely, since you rarely keep around the failed leadership -- he'll be eligible for another $11.3 million in bonuses and a pension upgrade.
All this for a man who drove his company into the ground through profligate incompetence and nearly brought the nation's oldest public utility (BGE) to its knees. A man that oversaw an 87.5% rate increase on his largest ratepayer base-- despite the fact that his company had never lost a penny under the frozen rate scheme between 1999 and 2006. A man that ended up having to sell his company in a veritable fire sale -- not at a profit, but a massive loss.
Where can I sign up for this type of job? Heck, only elected officials can screw up worse and get a better deal.
Now, I am not one who is into this whole "government should control executive compensation" game. But I would like to ask the Board of Directors for Constellation Energy Group: what in the hell are you good for? You are giant tits on tiny bulls. You are nothing more than backwoods, gap-touthed cousin-frakkers. Your judgement of leadership capability and management visions is seriously defective. As a forced customer of yours, I want to know what you have been doing the six years that such an incompetent douche-bag manager could walk away with so much money for doing so little.
If I were a Constellation stock-holder, I would be mailing bags of dog-crap with a loaf of Wonder Bread to his office.
Let's not forget, before Mayonaise Shattuck destroyed Constellation, he took out Alex Brown and Sons, the country's old investment bank.
He's two-for-two in incompetent management.
What company will be next? What company will be STUPID ENOUGH to hire this worthless manager, who possesses all the financial and management skills of necrotic penis?