Thursday, March 1, 2012

Statement On A&P CEO Sam Martin's Lucrative Bonus & Salary During Bankruptcy

In response to the report from Supermarket News of A&P retaining CEO Sam Martin for a $1.2 million dollar annual salary and $720,000 signing bonus, President Bruce Both released the following statement:

The Following is a Statement from UFCW Local 1500 President Bruce W. Both Regarding the Details of A&P/Pathmark President Sam Martins Salary and Financial Incentive Package

“At a time when we should all be feeling positive about A&P/Pathmark emerging from Chapter 11, we are reminded how unfair the bankruptcy process has been to the A&P/Pathmark employees and union members operating the stores.

While the workers who are the foundation of this company and its only hope for a successful turnaround have been asked to endure painful economic cuts, A&P CEO Sam Martin is being given an unnecessary and excessive signing bonus in addition to his $1.2 million dollar annual salary.

These actions are the type that cut at the morale of the workforce and question whether A&P has any understanding of the sacrifice its employees have made to turn around this once proud supermarket chain and return it to profitability.”

Related:  Supermarket News: A&P to Retain Sam Martin as CEO


Anonymous said...

not to mention the "proformance" bonuses awarded to the other exec's early into the bankruptcy!!!I hope they and the judge who approved it can sleep at night.....they should remember..."you reap what you sow"...just wait for "Karmageddeon"

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