Unions, Twinkie | featured news

Twinkie CEO Admits Company Took Employees Pensions and Put It Toward Executive Pay

... According to a report by the Wall Street Journal , Hostess’ CEO, Gregory Rayburn, essentially admitted that his company stole employee pension money and put it toward CEO and senior executive pay (aka “operations”). While this isn't technically illegal, it's another sleazy theft by Hostess executives - who've paid themselves handsomely while running their company into the ground. Just last month, a judge agreed to let Hostess executives suck another $1.8 million out of the bankrupt company to pay bonuses to CEOs.

 

Bankrupt Hostess Wants To Reward Executives With $1.8 Million In Bonuses

Twinkies

Only days after being unable to work things out with a striking union, and forcing us all to devour faux Twinkies for our creamy, spongy sugar fix, the folks at Hostess Brands Inc. are asking for a bankruptcy court to approve up to $1.8 million in bonus payments to top executives.

 

Hostess Blames Union For Bankruptcy After Tripling CEO’s Pay

Today, Hostess Brands inc. — the company famed for its sickly sweet dessert snacks like Twinkies and Sno Balls — announced they’d be shuttering after more than eighty years of production. But while headlines have been quick to blame unions for the downfall of the company there’s actually more to the story: While the company was filing for bankruptcy, for the second time, earlier this year, it actually tripled its CEO’s pay, and increased other executives’ compensation by as much as 80 percent.

 

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