SuperMedia’s Employee Union Members and Non-Union Members want to ask other Yellow Pages Industry Executives if they believe that formerly Idearc Media, the spun off and quickly bankrupt yellow pages publisher of the Verizon Yellow Pages, now called SuperMedia, CEO Scott Klein is fit for his job and whether he has earned his million dollar per year CEO Salary, recent 2 million dollar bonus, recent 9 million dollar longterm stock incentive and 1 million dollar short term stock incentive that he gets to keep once the company is purchased in a deal he struck behind closed doors with Hedge Fund Company Paulson?
To SuperMedia Mr. Tom Rogers…. do you have a clue how angry the sales force of the company is? They are scared and angry. Many have been with the company for 20 years and some in the local advertising industry even longer. Since the days of Bell Atlantic and Nynex. You are the CEO of Tivo. You must be paying attention to Google TV, the iPad, Local Search Verticals like Zillow who now offer rental information, and many other great ideas? Why is SuperMedia only selling products that need unmeasurable research from industry sponsored firms like YPA and the Burke study? Do you honestly think the company can afford to pay debt obligations paying sales reps for fraud? Why does Klein continue to manipulate the companies pay plan while planning golden parachute escape with a simple “Change in Control?”
Local Search is not product it is service. Yellow Pages is still used heavily in rural areas and many suburban areas. Do you think the SuperGuarantee subscriptions and impact is sufficient to sustain the company into the future? Why have all of Scott Klein’s internet directors left the company. They do not want to work for him.
If this was not a deal struck in the dark, why have other executives in both local search or yellow pages not follow suit? Why has the man Paulson put on the companies Board of Directors not spoken up? Oh, that is because it is not just the CEO who is raiding the coffers… it happens to be the companies Executives and the board of directors also gets a nice bonus in the process.
I say employees show concern at the next board meeting. I look forward to meeting you there. As a shareholder of the company I am asking other shareholders to voice concerns. If you knew of the corporate frauds of Enron, Bernard Madoff, Acorn, or Countrywide Mortgage ahead of time would you speak up?
Join the conversation at www.YellowCrooks.com
Form 8-K for SUPERMEDIA INC.
Change in Directors or Principal Officers
Item 5.02 Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 30, 2010, the Human Resources Committee of the Board of Directors of SuperMedia Inc. (the “Company”) established the performance objectives and other terms of the Company’s 2010 Short Term Incentive Plan (the “2010 STI Plan”) pursuant to the Company’s 2009 Long Term Incentive Plan. The 2010 STI Plan provides for a payment of incentive compensation to each of the Company’s executive officers and to other eligible employees. These incentive compensation payments are determined by the Company’s achievement of specified performance metrics for 2010, based on: (i) EBITDA (earnings before interest, taxes, depreciation, and amortization), which comprises 70% of the total performance opportunity; and (ii) total published revenue, which comprises 30% of the total performance opportunity.
Each of the performance objectives will have a threshold, target, and maximum level of payment opportunity. Achievement of 100% of the performance metrics will result in award payouts equal to the target awards. At 90% achievement for EBITDA and 92% achievement for total published revenue, which are the minimum thresholds for award payouts, award payouts will be equal to 25% of the target awards. At 120% achievement for EBITDA and 110% achievement for total published revenue, which are the maximums, award payouts will be equal to 200% of the target awards. If achieved, awards will be paid in cash during the first quarter of 2011.
The target awards under the 2010 STI Plan for each of the Company’s named executive officers are set forth below:
Named Executive Officer Target Award
Scott W. Klein – Chief Executive Officer $ 1,000,000
Samuel D. Jones – Executive Vice President, Chief Financial
Officer and Treasurer $ 337,500
Frank P. Gatto – Executive Vice President – Operations $ 280,000
Michael D. Pawlowski – Executive Vice President – Sales $ 262,500KEY INFORMATION for SUPERMEDIA from HOOVERS.comDUNS Number 787911986Doing Business As Verizon Drectories DispositionCompany Type Public – NASDAQ (GM): SPMDLocation Type HeadquartersYear of Founding or Change In Control 2006KEY NUMBERSFiscal Year-End DecemberSales (mil.) $2,512.01-Year Sales Growth (15.5%)Net Income $8,257.01-Year Net Income Growth 4,412.0%Total Employees 5,5001-Year Employee Growth (9.8%)Employees At This Location 10KEY PEOPLEScott W. Klein CEO (Mr. Let Me Rob My Way Out The Door)Frank P. Gatto EVP OperationsSamuel D. (Dee) Jones EVP, CFO, and Treasurer (Mr. Lets Not Tell Investors About Raising Credit Limits and Collections)Dave O. Bethea EVP Sales (Mr. Drunken Fight Guy)Sandra L. Henjum EVP Transformation and Marketing (Mrs. Heading Jumping Director)SuperMedia — then called Idearc — was spun off from Verizon Communications in 2006.HISTORICAL FINANCIALSIncome StatementYear Revenue ($ mil.) Net Income ($ mil.) Net Profit Margin ($ mil.) EmployeesDec 2009 2,512.00 8,257.00 328.7% 5,500Dec 2008 2,973.00 183.00 6.2% 6,100Dec 2007 3,189.00 429.00 13.5% 7,200Dec 2006 3,221.00 772.00 24.0% 7,400Dec 2005 3,374.00 1,025.00 30.4% 7,100Dec 2004 3,600.00 — — 7,400Dec 2003 3,675.00 895.00 24.4% —Dec 2002 3,760.00 1,095.00 29.1% —Dec 2001 3,831.00 1,203.00 31.4% —