According to Wings Financial's 2010 Form 990, the credit union CEO, Paul Parish, reported a total compensation package of almost $7.9 million. Mark Everson's total compensation package was slightly more than $3.2 million and Paul Dinger's compensation package was almost $3.1 million. (see disclosure below)
Several weeks ago, I reported on the $11 million compensation package for David Maus at Public Service Credit Union.
While credit unions say they are looking out for the little guy, it seems some credit union are looking out for their senior managers.
The $7 million came from the 457 plan. That is like bagging on a bank CEO who made eight or even nine figures because of stock options. What did they make in cash during the year as CEO is the real question. Parish's cash compenation was not that far out of line.
ReplyDeleteNot that far out of line. Are you kidding me? So if not that far out of line - maybe just a little out of line! They are not for profit tax exempt so the CEO can shake it down in compensation. Maybe not criminal in the crime scene but in terms of morality it is criminal. Looks like WINGS CU has the best CEO MONEY CAN BUY. Even the MAFIA racket shakedown extortion schemes were not nearly as rich as this guys paycheck. O.K. go ahead and rationalize it. He has been undercompensated all these years. When pigs fly. Oh, look...swine flu! $7 million - when more is not enough. Please do share what kind of kool-aid was this Board of Directors drinking to come up with this rich scheme at shareholder expense? This is unsettling. Maybe the members can unsettle the Board at the next annual credit union meeting. What a novel idea. Let the members vote on the pay package. Even the Board Chairman was shaking down $12,000 a year - not too shabby!
ReplyDeleteIt sure would be interesting to see a salary and retirement program comparison of CEOs of similarly-sized banks that have been as successful as Wings over the past 20 years. Could you please look into that Keith?
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