Merck Director slammed at today's Shareholder meeting

Pay for Performance - how much do you think Merck Director Patricia Russo makes? Wonder if she's on a PIP?...

"Hi. My name is Andrew Weinstein. I own 11,810 shares and I would like to say a few words concerning one of Merck’s directors. Patricia Russo at one time was on board of the phone company, which is no longer in existence. Then she was an officer at Lucent Corporation, now defunct. She then was on Schering-Plough’s Board of Directors out of business. Now, Patricia Russo is on the board of General Motors and we all know the trouble that General Motors is in. I believe she should not be on the Board of Directors at Merck and I urge all stockholders to vote against Patricia Russo."

http://finance.yahoo.com/news/mercks-mrk-ken-frazier-hosts-124506635.html

 

How dare this member of the unwashed masses question a genuine one percenter?
He will be silenced with extreme prejudice.

 

I would sell your shares before the end of the year.

The company is crumbling.

 

The BoD provides poor oversight and judgment. The whole lot of them. Frazier is systematically dismantling this company with no ideas that will allow the company to emerge stronger at the other end of this process. The BoD appears to be blessing his folly.

 

Dummy, did you see the # of shares he owns? He IS the one percent!

 

Surely you must be kidding. I own nearly as much and am far from the one percent. Get real. I agree our BOD has been severely lacking in oversight and "executive direction" for the past 20 years.

 

11,810 shares x $56/share = $661,360.

If you outright own (not stock options) this many shares:

You have other large investments and are part of the one percent

OR

You seriously need to consider diversifying your investments. Especially if you believe the BOD has been lacking for 20 years. Why have this much in a company you don't believe in???

 

C'mon folks....

The OP is not Andrew, rather if you haven't already click on the link, it will bring you to the shareholder meeting minutes where Andrew (an analyst) did ask this question. Also take a look at the question for KF right before Andrew asked his and look at Kenny's response....

LAME !

The board should immediately vote the $hithead out of his position, but it is obvious that good ole Kenny boy has and is stacking the deck with Directors who are as "Left" as they come.

Remember that the people at the top in this company aren't just riding along, they are actively participating in the demise of this company and are falling in step with the current administration in Washington.

So one thing is for sure after reading these minutes!.....

They do not care about the employees without parachutes in this company and they certainly don't care about the concerns that large stockholders have either.

This company is a complete Charlie Foxtrot !

 

Unfortunately, for many, if not most companies, the board of directors just maintain an ongoing incestuous relationship with senior management. As long as they are being stroked and given a happy ending in the form of stock options and other compensations, they really don't provide much meaningful oversight.

 

This board of directors is "Left"? What the ____?

Patricia Russo's background history makes her a perfect fit on the BoD of what used to be a great company that lost its way long ago thanks to greed, lack of ethics and foresight.

FYI---Plenty of those responsible for Merck's demise were of the conservative persuasion, but don't let that burst your delusional "Blame the Lefties" bubble.

 

the BoD are complicit with every disastrous move the EC has made

 

Unfortunately, most of the MRK shareholders bear the blame for re-electing these morons every time they're up for a vote. At least it was good to see Russo get the most NO votes out of everyone. She still got 96% of the vote though...

Broker
Names For Against Abstained Non-Votes
Leslie A. Brun 2,093,453,879 28,434,278 6,751,815 366,432,604
Thomas R. Cech 2,112,253,761 9,656,041 6,730,170 366,432,604
Kenneth C. Frazier 2,053,353,807 59,089,945 16,196,220 366,432,604
Thomas H. Glocer 2,100,497,365 21,257,917 6,884,690 366,432,604
William B. Harrison, Jr. 2,087,292,757 34,532,978 6,814,237 366,432,604
C. Robert Kidder 2,111,285,966 10,545,819 6,808,187 366,432,604
Rochelle B. Lazarus 2,106,686,125 15,353,399 6,600,448 366,432,604
Carlos E. Represas 2,098,317,483 23,487,746 6,834,743 366,432,604
Patricia F. Russo 2,031,088,051 90,388,337 7,163,584 366,432,604
Craig B. Thompson 2,115,351,408 6,630,069 6,658,495 366,432,604
Wendell P. Weeks 2,110,467,855 11,428,439 6,743,678 366,432,604
Peter C. Wendell 2,102,832,987 19,035,179 6,771,806 366,432,604

http://biz.yahoo.com/e/140529/mrk8-k.html

 

I voted no for every one of these people after I heard about the layoffs.

 

That went far. You don't want to know what they get paid to be on that board. The decision is made before a single vote is cast.

 

75k per quarterly meeting, extra money to be on committees, plus RSU's and options. A pretty good gig.

 

Despite all the craziness the value of my Merck stocks has gone up by 50%+ over the last 4 or 5 years.

 

Just another job that does not link pay to performance.