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Author	Topic: $37M payday for ex-Sunoco chief?	Post a Reply Back to Topics

Cakes77 Champion Author Harrisburg Posts:5,290 Points:1,678,270 Joined:Aug 2006	Message Posted: May 4, 2012 5:05:18 AM Ignore Cakes77 Report Abuse Lynn L. Elsenhans, the former Sunoco Inc. chief executive, stands to bank $37.4 million for dramatically transforming the Philadelphia oil company that is being sold to a Texas pipeline firm. Elsenhans will receive a severance benefit of $6 million, according to papers filed Thursday - her last day as chairwoman - with the Securities and Exchange Commission. And, she will receive an additional $17.1 million if the $5.3 billion merger that was announced Monday with Energy Transfer Partners L.P. is consummated. All told, the 55-year-old executive was expected to receive $37.4 million in total compensation in the event of a "change of control" of the company, according to Sunoco's proxy statement filed in March. Elsenhans stepped down as Sunoco's chief executive March 1 and remained as chai Visit Philly.com for full article

Cakes77

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Message Posted: May 4, 2012 5:05:18 AM

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Lynn L. Elsenhans, the former Sunoco Inc. chief executive, stands to bank $37.4 million for dramatically transforming the Philadelphia oil company that is being sold to a Texas pipeline firm.

Elsenhans will receive a severance benefit of $6 million, according to papers filed Thursday - her last day as chairwoman - with the Securities and Exchange Commission. And, she will receive an additional $17.1 million if the $5.3 billion merger that was announced Monday with Energy Transfer Partners L.P. is consummated.

All told, the 55-year-old executive was expected to receive $37.4 million in total compensation in the event of a "change of control" of the company, according to Sunoco's proxy statement filed in March. Elsenhans stepped down as Sunoco's chief executive March 1 and remained as chai
Visit Philly.com for full article

REPLIES (newest first)Ignore Short Messages

Rich1430 All-Star Author Indiana Posts:764 Points:279,000 Joined:Mar 2012	Message Posted: May 5, 2012 10:54:30 AM Ignore Rich1430 Report Abuse No CEO of any company is worthy of milliions of dollars for salary, severance pay, etc. This is part of the reason why people cannot get good paying jobs with these companies. Upper level management is grossly overpaid their salaries.
DrCashFlow Champion Author Massachusetts Posts:7,206 Points:1,654,950 Joined:Jun 2008	Message Posted: May 5, 2012 10:10:59 AM Ignore DrCashFlow Report Abuse Most boards of directors facilitate these egregious packages
Eliano Champion Author Baltimore Posts:1,412 Points:388,200 Joined:Jun 2011	Message Posted: May 5, 2012 8:07:33 AM Ignore Eliano Report Abuse big oil bosses, get their BIGGG PIES... and taxpayers bailed them out :(
Cakes77 Champion Author Harrisburg Posts:5,290 Points:1,678,270 Joined:Aug 2006	Message Posted: May 5, 2012 7:45:10 AM Ignore Cakes77 Report Abuse Thanks for the positive feedback!
LetemEatCake Champion Author Oklahoma City Posts:5,671 Points:1,230,030 Joined:Mar 2008	Message Posted: May 5, 2012 7:28:47 AM Ignore LetemEatCake Report Abuse I suppose we are are seeing how the rich get richer....can't say I don't think this package is scandalous to the max.
ExplorerWA Champion Author Washington Posts:4,240 Points:825,075 Joined:Feb 2011	Message Posted: May 4, 2012 6:35:30 PM Ignore ExplorerWA Report Abuse It's really hard to believe that someone can be paid that amount of money.
Sneakers55 Champion Author Houston Posts:51,862 Points:2,169,600 Joined:Nov 2005	Message Posted: May 4, 2012 2:17:33 PM Ignore Sneakers55 Report Abuse On May 4, 2012 3:05:41 PM, deputydog082 wrote: >time to raise gas prices again! Ms. Eisenhans' compensation is probably about $0.001 cents/gallon.
Sneakers55 Champion Author Houston Posts:51,862 Points:2,169,600 Joined:Nov 2005	Message Posted: May 4, 2012 2:14:27 PM Ignore Sneakers55 Report Abuse On May 4, 2012 3:44:31 PM, crep1291 wrote: >Nobody in the world is that irreplaceable that they're >worth that much... They probably pay that much for somebody who can make a little round ball go through the hoop. And that's just the Nike endorsements.
Sneakers55 Champion Author Houston Posts:51,862 Points:2,169,600 Joined:Nov 2005	Message Posted: May 4, 2012 2:12:07 PM Ignore Sneakers55 Report Abuse At least there won't be any Sunoco shareholders to vote against their next "say on pay" resolution. Ms. Eisenhans is (a) at a nice retirement age, and (b) loaded with money so she can retire. Given her history as a FORTUNE 500 female CEO, companies will be clamoring to get her on their Board of Directors, so she won't be bored.
Tehbob Champion Author California Posts:2,431 Points:484,780 Joined:Jan 2012	Message Posted: May 4, 2012 1:45:10 PM Ignore Tehbob Report Abuse wonder how many tax subsidies we gave him?
crep1291 Champion Author Ottawa Posts:2,637 Points:486,190 Joined:Dec 2010	Message Posted: May 4, 2012 1:44:31 PM Ignore crep1291 Report Abuse Nobody in the world is that irreplaceable that they're worth that much...
deputydog082 Champion Author Detroit Posts:1,911 Points:686,805 Joined:Apr 2011	Message Posted: May 4, 2012 1:05:41 PM Ignore deputydog082 Report Abuse time to raise gas prices again!
ObieDog Champion Author Maryland Posts:2,051 Points:877,270 Joined:Sep 2010	Message Posted: May 4, 2012 12:49:38 PM Ignore ObieDog Report Abuse Hate it.
db60 All-Star Author Indiana Posts:982 Points:211,255 Joined:Oct 2011	Message Posted: May 4, 2012 12:31:25 PM Ignore db60 Report Abuse Crazy.
fuel2use Champion Author Seattle Posts:3,615 Points:758,920 Joined:Dec 2010	Message Posted: May 4, 2012 9:38:25 AM Ignore fuel2use Report Abuse Is her value really worth that much for what she did.
schatzila Champion Author Los Angeles Posts:5,089 Points:1,044,320 Joined:Jun 2010	Message Posted: May 4, 2012 9:33:22 AM Ignore schatzila Report Abuse To bonus that much, profits must be astronomical.
clpassenubye Champion Author Los Angeles Posts:3,374 Points:776,930 Joined:Mar 2011	Message Posted: May 4, 2012 9:04:09 AM Ignore clpassenubye Report Abuse can you say golden parachute?
ForeignBody All-Star Author Georgia Posts:538 Points:443,670 Joined:May 2011	Message Posted: May 4, 2012 8:52:44 AM Ignore ForeignBody Report Abuse Customers are the ones who finish up paying for this nonsense
qwerty17 Champion Author New Jersey Posts:3,765 Points:1,144,700 Joined:Oct 2009	Message Posted: May 4, 2012 8:52:43 AM Ignore qwerty17 Report Abuse shame shame shame. no wonder she was closing down refineries-to look more profitable for a buyer. this is the state of our country's business now?
Cakes77 Champion Author Harrisburg Posts:5,290 Points:1,678,270 Joined:Aug 2006	Message Posted: May 4, 2012 8:47:25 AM Ignore Cakes77 Report Abuse Wow - 30 comments already!
BBopp Champion Author Dayton Posts:6,949 Points:1,957,155 Joined:Dec 2006	Message Posted: May 4, 2012 8:33:33 AM Ignore BBopp Report Abuse Wow, sign me up! Of course this perk is no longer available.
LanguageMan1 Champion Author Tampa Posts:11,866 Points:1,689,490 Joined:Apr 2008	Message Posted: May 4, 2012 8:27:03 AM Ignore LanguageMan1 Report Abuse That's just way too much.
TripleHs Champion Author Austin Posts:3,440 Points:941,065 Joined:Oct 2009	Message Posted: May 4, 2012 8:14:01 AM Ignore TripleHs Report Abuse what 1% has been doing
des7902 Veteran Author Virginia Posts:385 Points:212,240 Joined:May 2011	Message Posted: May 4, 2012 8:00:23 AM Ignore des7902 Report Abuse Good retirement package.
playtimeCLE Champion Author Cleveland Posts:8,704 Points:1,572,075 Joined:Nov 2008	Message Posted: May 4, 2012 7:59:24 AM Ignore playtimeCLE Report Abuse Every time you hear about two companies merging or one being bought out, some top executive who is now not going to have a job gets a payday like this. It gets built into the deal. [Edited by: playtimeCLE at 5/4/2012 10:59:38 AM EST]
Grismer Champion Author Kitchener-Waterloo Posts:8,674 Points:1,751,745 Joined:Apr 2008	Message Posted: May 4, 2012 7:49:25 AM Ignore Grismer Report Abuse It isn't right but it happens.
YaBassa Champion Author Michigan Posts:2,571 Points:544,800 Joined:Nov 2011	Message Posted: May 4, 2012 7:07:47 AM Ignore YaBassa Report Abuse What does anyone do to warrant that type of a severance package. No wonder gas prices are so high.
fracknsave Champion Author Grand Rapids Posts:1,666 Points:58,000 Joined:Mar 2012	Message Posted: May 4, 2012 7:02:20 AM Ignore fracknsave Report Abuse a job anybody would like to have...
djwhit Champion Author Ohio Posts:3,152 Points:1,236,155 Joined:Jul 2009	Message Posted: May 4, 2012 6:38:38 AM Ignore djwhit Report Abuse THATS GREAT, BUT THE OIL CO's DONT HAVE THE MONEY.........
bigmoo63 Champion Author Kalamazoo Posts:1,284 Points:84,610 Joined:Nov 2009	Message Posted: May 4, 2012 6:36:50 AM Ignore bigmoo63 Report Abuse Private corp. Only people not seeing this are the stockholders. At least the taxpayers didnt have to pay for this directly(Solyndra). Totally different situation. Still an outrageous payout though.
amoshins Champion Author Trenton Posts:2,306 Points:667,995 Joined:Apr 2011	Message Posted: May 4, 2012 6:15:37 AM Ignore amoshins Report Abuse Can Lynn help lower gas prices ??
Norm10 Champion Author British Columbia Posts:3,396 Points:165,955 Joined:Dec 2010	Message Posted: May 4, 2012 6:13:01 AM Ignore Norm10 Report Abuse Sounds like this guy would make a good politician!
lcleveland Champion Author San Antonio Posts:2,756 Points:676,005 Joined:May 2011	Message Posted: May 4, 2012 6:09:16 AM Ignore lcleveland Report Abuse whaaaat???????????? stupid
doeslayersr Champion Author Illinois Posts:9,303 Points:899,705 Joined:Dec 2010	Message Posted: May 4, 2012 6:08:18 AM Ignore doeslayersr Report Abuse And the problem here is? This is a private sector company, responsible to its stockholders. This is not a government agency or someone who got a cronie loan from the current administration. Do not fall for this class warfare crap. [Edited by: doeslayersr at 5/4/2012 9:07:57 AM EST]
DanMtz Champion Author Oakland Posts:3,496 Points:1,271,125 Joined:Oct 2009	Message Posted: May 4, 2012 6:04:22 AM Ignore DanMtz Report Abuse So, that's why gas is so expensive.
BurntOrange Champion Author Austin Posts:8,882 Points:1,610,715 Joined:Nov 2007	Message Posted: May 4, 2012 6:04:11 AM Ignore BurntOrange Report Abuse Cakes77 wrote: "Handsome golden-parachute packages are standard in the corporate world, "for better or for worse," said Charles M. Elson, a University of Delaware finance professor and corporate-governance expert. How does that make you feel teabaggers?" -------------------------------------------------------------------------- Are you suggesting that this is the fault of teabaggers? Not sure I see your logic. Although I don't consider myself to be be a teabagger (and it's somewhat hard to crisply define their agenda) I do support a smaller federal government and lower taxes. Run-away CEO salaries and golden parachutes are not a big problem compared to a number of other issues. $37 million is chump-change compared to Solyndra, and it did not come out of the taxpayer pocket. On the other hand, it does seem that stockholders, ie. owners of the company, should get a bigger say in executive salaries. The powers are already there, and in a few cases, stockholders have taken back a few ridiculous compensation packages. By and large, however, shareholders don't pay too much attention. It's only the large holders, such as retirement funds, that make a difference.
Buckeyee Champion Author Maine Posts:4,773 Points:925,075 Joined:May 2010	Message Posted: May 4, 2012 6:01:53 AM Ignore Buckeyee Report Abuse Lucky guy.
Evilmaddog Champion Author British Columbia Posts:3,466 Points:985,250 Joined:Aug 2010	Message Posted: May 4, 2012 5:55:31 AM Ignore Evilmaddog Report Abuse those paydays are NUTZ
humblepie Champion Author Toledo Posts:35,359 Points:2,400,045 Joined:Mar 2006	Message Posted: May 4, 2012 5:52:09 AM Ignore humblepie Report Abuse and worth every penny
angel4me Champion Author San Jose Posts:2,814 Points:802,645 Joined:Dec 2010	Message Posted: May 4, 2012 5:45:46 AM Ignore angel4me Report Abuse I'd be happy with 1/10th of that........
grandpadon28110 Champion Author Charlotte Posts:4,861 Points:1,170,985 Joined:Sep 2008	Message Posted: May 4, 2012 5:42:40 AM Ignore grandpadon28110 Report Abuse All for the money for the executives.
APlus Champion Author San Antonio Posts:4,013 Points:1,011,020 Joined:Apr 2007	Message Posted: May 4, 2012 5:26:51 AM Ignore APlus Report Abuse Impressed to see it is a woman
GingoutMD Champion Author Maryland Posts:3,495 Points:713,305 Joined:Jan 2010	Message Posted: May 4, 2012 5:18:25 AM Ignore GingoutMD Report Abuse Not at all uncommon for corporate executives. Change of control agreements are quite lucrative to those who are impacted by corporate change.
Joeski1 Champion Author New Jersey Posts:10,217 Points:1,770,510 Joined:Dec 2004	Message Posted: May 4, 2012 5:15:21 AM Ignore Joeski1 Report Abuse Chump change! Get your money from chumps, and deposit it in your checking account, then walk. This is what we support with our fuel dollars. Now pony up!
Doro Rookie Author Nebraska Posts:57 Points:5,310 Joined:Apr 2012	Message Posted: May 4, 2012 5:11:02 AM Ignore Doro Report Abuse Nice that some socially and financially upwardly mobile professions still exist in the United States.
BEGTWO Champion Author Maryland Posts:2,077 Points:751,915 Joined:Sep 2010	Message Posted: May 4, 2012 5:10:49 AM Ignore BEGTWO Report Abuse More $$$ MORE $$$!!!
dgerst Champion Author South Carolina Posts:2,801 Points:579,275 Joined:Aug 2008	Message Posted: May 4, 2012 5:10:07 AM Ignore dgerst Report Abuse Poor guy!!
Cakes77 Champion Author Harrisburg Posts:5,290 Points:1,678,270 Joined:Aug 2006	Message Posted: May 4, 2012 5:07:56 AM Ignore Cakes77 Report Abuse "I think it's big, but it may not be unusual," said Eliezer M. Fich, an associate professor of finance at Drexel University's LeBow College of Business. Handsome golden-parachute packages are standard in the corporate world, "for better or for worse," said Charles M. Elson, a University of Delaware finance professor and corporate-governance expert. How does that make you feel teabaggers?
Cakes77 Champion Author Harrisburg Posts:5,290 Points:1,678,270 Joined:Aug 2006	Message Posted: May 4, 2012 5:07:07 AM Ignore Cakes77 Report Abuse Now NOBODY say, "What does this have to do with the price of gas"? Who do you think is paying for this sweet deal - this golden parachute? If you have stopped at a Sunoco station in the past year - go look in the mirror, that is who.