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Greedy Restructuring Asshole
$125,000 a month. The acting CEO of Hostess Brands, the failed Twinkies-maker, will not take part in a company-wide pay cut. Though he imposed an 8 percent pay cut for all Hostess workers, Gregory Rayburn's monthly $125,000 pay -- or $1.5 million a year -- will remain unchanged, a company spokesman told The Huffington Post on Monday. Rayburn is not on the Hostess payroll and therefore isn't subject to the imposed pay cut, the spokesman explained. Hostess appointed Rayburn, founder and owner of Kobi Partners, a restructuring advisory firm, as acting CEO in March, two months after the company filed for bankruptcy a second time. Hostess' liquidation plan was approved last month, as were $1.8 million in bonuses for executives. Rayburn is "not eligible to receive any bonuses, success fees, or severance," according to the spokesman. The company's shutdown will cause about 18,000 people to lose their jobs. |
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