Winn-Dixie Lowers CEO's Bonus by $850,000; the Bankrupt Grocery Chain Has Just Told Its Shareholders That They Are Unlikely to Receive Compensation for Their Stock

By Basch, Mark | The Florida Times Union, February 3, 2006 | Go to article overview

Winn-Dixie Lowers CEO's Bonus by $850,000; the Bankrupt Grocery Chain Has Just Told Its Shareholders That They Are Unlikely to Receive Compensation for Their Stock


Basch, Mark, The Florida Times Union


Byline: MARK BASCH

After seeking court permission two weeks ago to pay Chief Executive Officer Peter Lynch a $2 million retention bonus, Winn-Dixie Stores Inc. this week filed an amended motion in U.S. Bankruptcy Court in Jacksonville saying it is reducing the bonus payment to $1.15 million.

The bonus would be paid to ensure that Lynch stays with the company as Winn-Dixie works through its Chapter 11 bankruptcy reorganization. The company paid Lynch a $1.5 million bonus last year to make sure he stayed through Dec. 31, 2005.

The motion two weeks ago said the bonus would keep Lynch with the company through Dec. 31 this year, but the amended bonus plan requires Lynch to stay only through Aug. 31.

"This does not mean that Mr. Lynch intends to leave Winn-Dixie on Sept. 1," the company said in a statement Thursday.

"On the contrary, he has said many times that he expects to remain president and CEO as long as the board feels he is needed and as long as he feels he can make a significant contribution to the company's long-term success," it said.

Winn-Dixie expects to file its bankruptcy reorganization plan in March and emerge out of bankruptcy in June. Once that occurs, Lynch can receive any compensation the board sees fit without it having to be approved by the bankruptcy judge.

Winn-Dixie said it altered the terms of the retention bonus after talks with its creditors.

"This modification was agreed to by the Winn-Dixie board of directors and Mr. Lynch in a spirt of continued cooperation with the creditors' committee, which wanted this compensation to be more directly linked to the company's expected emergence from Chapter 11 around June this year," the company's statement said.

John Macdonald, a Jacksonville attorney who represents the creditors' committee, could not be reached for comment Thursday. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Winn-Dixie Lowers CEO's Bonus by $850,000; the Bankrupt Grocery Chain Has Just Told Its Shareholders That They Are Unlikely to Receive Compensation for Their Stock
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.