Most Overpaid CEO Of The Day: Alan F. Schultz Of Valassis (VCI)
November 6, 2008 by Douglas A. McIntyre
Valassis (VCI), the media and marketing services companies, has done an astonishingly poor jobs for its shareholders. The stock is down from a 52-week high of $16.80 to $1.78. The firm’s third quarter earnings only made the situation worse.
VCI reported quarterly revenue of $563.7 million down 7.2% from $607.2 million for the prior year quarter. The firm also said it had a net loss of $5.2 million or $.11 per share, for the third quarter compared to net earnings of $16.4 million, or $.34 per share, in the year ago period.
The company also lowered its forecast for the balance of the year.
Alan F. Schultz, Valassis Chairman, President and Chief Executive Officer made $780,000 as a base salary last year. His total compensation was over $2.8 million. He and other senior officers get perks including car allowances and country club memberships.
The VCI market cap is only $89 million and falling. Nest year, Schlultz may be making more than the company does.
Douglas A. McIntyre
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