Hostess executives' salaries jumped after initial bankruptcy
It's tragic that 18,000 workers lost their jobs when Hostess finally ceased operations. However, it's important to realize that during the eight years following 2004, when the company first entered bankruptcy, its unions made generous concessions, lowering labor costs close to that of competitors. During this time, while asking for and getting these concessions, many Hostess executives doubled their salaries; CEO Brian Driscoll's salary tripled. Obviously, competence and loyalty on the part of management was completely lacking if the goal was to save the company.
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With this type of leadership, no amount of givebacks by workers could save the firm. Loyal workers are vital for business success, but that loyalty has to be earned. In that, Hostess failed miserably.
Victor Gorin, Oklahoma City
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