Finnish listed companies paid special bonuses to their sacked managers.
Even companies that were strongly on the red, and gave notice to hundreds of employees, paid very large bonuses to their managers who were responsible for the dire results.
Perlos, a Finnish product design and manufacturing partner for the telecommunications and electronics industries, sacked more than 1 000 workers in Finland. Also the managing director was sacked. He received a 160 000 € bonus and a 160 000 € golden handshake along with his 413 000 € annual salary.
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The person you mention was heard to say 2 weeks after joining Perlos that... "this is easy business, you just do what the customer wants". Nice salary if you can get it. What exactly was he paid for? Putting the core competency of the company in a position where it is no longer valued by it's major customer Nokia - ultimate resulte result - zero programs - no revenue. Surely someone less qaulified could do this job. New guy on board, he publishes that he will get a bonus for selling the company. Fantastic motivation!!!
What a pity, Perlos has been a great company. It only took a few bad management decisions a a little over three years ago to create today's situation. Thanks to IR, JP, KR, JV. What does it feel like when your head is out of the sand? Madness.
Mr. Timgren I'm so sorry they destroyed your creation.
Good luck to one and all.
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