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UPDATE: @Kroger just disclosed CEO Rodney McMullen received $21 MILLION in compensation in 2019

The details of his compensation package may explain why McMullen is so eager to end the "hero bonus," cutting wages by $2/hour in the middle of a pandemic

popular.info/p/update-kroge…
@kroger 2. @Kroger likes to talk about how its compensation is performance based but McMullen was paid over $20 million despite failing to achieve two long-term goals related to employee and customer satisfaction

popular.info/p/update-kroge…
3. Kroger has eliminated the metrics related to employees and customers

Next year, McMullen's bonus will be determined, in large part, by how much FREE CASH FLOW he creates

By cutting worker wages, McMullen increases the chances of maximizing his bonus

popular.info/p/update-kroge…
4. Keep in mind, this is all happening as KROGER WORKERS ARE DYING OF COVID-19.

A @Kroger manager in Tennessee died yesterday

A cashier in Michigan died on Sunday

That hasn't altered Kroger's plans

popular.info/p/update-kroge…
5. @kroger hasn't explained WHY it needs to cut wages by $2/hour in three days

Business is booming.

It has billions in cash reserves.

Sign up for my newsletter, Popular Information, to stay updated --> popular.info/subscribe
@kroger 6. McMullen isn't the only Kroger exec with a huge compensation package

The company paid its COO $10.3 million, its CFO (who retired last April) $8.4 million, and the new CFO $4.1 million.

popular.info/p/update-kroge…
7. In 2019, the median Kroger employee earned $26,790. Kroger was required to disclose that "the ratio of our CEO’s annual total compensation to that of our median employee for fiscal 2019 was 789 to 1."

In 2018, the ratio was 483 to 1.

popular.info/p/update-kroge…
8. @Kroger's decision to roll back the hero bonus takes effect on SUNDAY.

Their bet is that, ultimately, consumers won't care that much.

But this is a new world.

We'll see if Kroger is correct.

popular.info/p/update-kroge…
9. Finally, I'll note that McMullen and other corporate executives continue to work from home and @Kroger has made its 2020 annual meeting, scheduled for the end of June, entirely virtual

So the company is well-aware that employees in stores continue to face dangerous conditions
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More from @JuddLegum see all

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Judd Legum
@JuddLegum
Trump just posted an insane video on Facebook featuring Joe Biden in a coffin
He also just tweeted -- and deleted -- a disgusting conspiracy theory about Joe Scarborough
Not exactly what you'd like to see from the President of The United States on Monday morning during a pandemic
Read 4 tweets
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Judd Legum
@JuddLegum
1. Let's be clear about what's happening: The Republican Party is attempting to leverage the coronavirus -- which has killed nearly 100,000 Americans -- to discourage voting

The GOP is devoting millions to this effort

popular.info/p/infecting-th…
2. The GOP understands that the first Tuesday in November could coincide with a second waive of the coronavirus

They understand many people will be afraid to pack into a church basement to vote in those circumstances

And they're trying to exploit it

popular.info/p/infecting-th…
3. Over the weekend the RNC and other Republican groups filed a lawsuit attempting to prevent California from sending ballots to registered voters in the mail

The RNC does not provide actual evidence of voter fraud connected with mail-in ballots.

popular.info/p/infecting-th…
Read 6 tweets
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Judd Legum
@JuddLegum
In the NYT, @benyt talks about journalists like me "monetizing individuality" through paid newsletters on @SubstackInc and elsewhere

I think of it a little differently

I think of it as taking ownership over your own value

nytimes.com/2020/05/24/bus…
@benyt @SubstackInc When you work for a publication, you turn over your work to the publication, which tries to monetize it.

If the company is profitable, they are able to turn your work into more dollars than they are paying you

You are earning less than you are worth
Now some may believe that they would be unable to produce the same quality work without support of the organization. (Editing, legal review, etc.)

For those folks, working at a publication may be a good deal.

But not everyone feels that way.
Read 13 tweets

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