Shocker: Sea Island Execs Took Bonuses As They Ran Place Into Ground
/Actually, the only shock is that anyone would be shocked at the new American way: reward the inability to succeed! In this case, only $510,000 worth for the Sea Island brass.
Creditors learned of the bonus payments Wednesday during a courthouse meeting that gave them a chance to question the company's president and financial adviser under oath.
Sea Island's Chapter 11 filings show the company's president, David Bansmer, was paid $222,000 in bonuses this year in addition to his $450,000 salary.
Ron Roberts, the company's vice president of accounting and finance, got an $88,000 bonus. Henry Cate, vice president of real estate, and Richard Shelnut, vice president of human resources, both got $75,000 bonuses. And Eric Schneider, Sea Island's vice president of golf and retail, got a $50,000 bonus.
In addition to the bonuses, creditors learned Sea Island gave a $330,000 housing allowance to chairman and chief executive Bill Jones III on top of his annual salary of $900,000.
But he did such a good job!