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Thursday, October 30, 2008 12:02 AM CDT
Winnebago pays CEO Olson $731,370
FOREST CITY (AP) — Motor home manufacturer Winnebago Industries Inc. gave Chairman and Chief Executive Bob Olson, who took the top jobs in May, a pay package worth $731,370 in its 2008 fiscal year, according to a regulatory statement filed Wednesday.

The compensation for Olson, 57, included a salary of $396,369 and $23,404 in non-equity incentive plan compensation, which is rewarded for the company’s performance, Winnebago said in a proxy filing with the Securities and Exchange Commission.

He also was paid $29,497 in other compensation, which included the company’s contribution to his 401(k) retirement plan, use of a company car, a health examination and life insurance contribution.

Olson also was awarded stock and options that had an estimated value of $282,100 when they were granted in October 2007.

The Associated Press calculations of total pay include executives’ salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

The calculations don’t include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC.

Olson became CEO in May, two months after Bruce D. Hertzke announced he was stepping down. Olson had been named president of the company in May 2007 as part of a succession plan. Winnebago’s board gave him a 27.5 percent salary increase when he took the larger role. Olson joined Winnebago in 1969 as an hourly production worker.

Hertzke, who spent 36 years with Winnebago, was paid about $1.4 million for his service in fiscal 2008, according to the company’s proxy. He received a salary of $433,867, non-equity incentive plan compensation of $50,741 and other compensation of $104,367.

In addition to stock and option awards that had an estimated value of $479,570 when they were granted in October 2007, Hertzke received an additional grant of 20,000 shares valued $357,400 when he announced his resignation in March, the company said in its SEC filing.

Times have been tough for Winnebago of late.

Earlier this month, the company said it swung to a fourth-quarter loss and suspended its quarterly dividend as volatile gas prices, slumping consumer confidence and tight credit markets sent demand for motor homes tumbling.

At the time, Olson said the recent months amounted to “one of the worst downturns the industry has ever seen,” adding it’s still unclear when conditions will start to improve.

For the quarter ended Aug. 30, Winnebago said it lost $12.7 million compared with profit of $14.8 million in the same quarter last year. Revenue plunged 64 percent to $85.3 million from $237.7 million.

Olson has said the company will continue to cut costs until dealer demand stabilizes. During the fourth quarter, Winnebago cut 600 full-time jobs and in the months since it has eliminated an additional 300 positions, he said.

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Showing The Last 32 comment(s) Comments On This Story

DS wrote on Nov 1, 2008 8:32 PM:

" Absolutely tickedoffiniowa "

tickedoffiniowa wrote on Nov 1, 2008 8:08 PM:

" I'm not certain there is a right or wrong way to do the layoffs. Doing it the way they are now with going by seniority under EACH production manager works to a point. But then you might be loseing a very good worker and have to keep one thats been there for 20-30 years that isn't worth a darn.And why they keep some of these dead weights around year after year is beyond me.

Another way of laying off is to go by plant seniority which they use to do over 20 years ago. That way a worker with more years can bump another worker with less years, no matter what production manager they are under.

My choice of the way layoffs should happen is to first get rid of all the dead weights no matter what the seniority. But a problem with that is some supervisors have their *favorites* they would keep around and I'm thinking maybe that is how some workers turn into *dead weights*.

I am also up for having suprise drug testing on the junkies that come to work bragging about doing their drugs or selling.
Then get rid of the ones that have a habit of not showing up for work or not being on time but somehow its not counted against them..(figure that one out).
Then lets go by COMPANY SENIORITY and be able to bump another worker out no matter what production manager they are under. Anyone agree? "

My thoughts wrote on Nov 1, 2008 9:30 AM:

" This is such a perfecgt example of what is wrong with our country. Do the CEOs deserve the extremely high wages. Not in my book. Would I want to do it? No way, but that doesn't make it right that they get what they do. To see people lose their jobs and still take on all the perks of the CEO is wrong. If they truly care about others why would they not refuse them until times are better. This has been happening all over. Manufacturing, banking, insurance companies, health department heads. It has led to our present situation. Is it all their fault? of course not, but they certainly have contributed to it.

I do not know Mr. Olson and am not condeming him. I appreciate that he gives generously to the city. But it still does not seem reasonable to accept these perks with others suffering as they are laid off. "

DS wrote on Nov 1, 2008 12:51 AM:

" Look - as someone that was there for almost 15 years and lost their job, I could care less what Bob or anyone else makes. We know it's not Bob's fault. Anyone that's naive enough to think it's all one person's fault can see as well as Stevie Wonder. What I would like to see is Bob and the rest of the board of directors grow a pair of balls big enough to admit the way they are doing things is wrong, then stand up and do it the right way. Who cares what "the handbook" says. Grow a pair, say the handbook is wrong, and change it. Then I'll be impressed, even if I dont work there anymore. Times and society change daily, handbooks are nothing more than an excuse to fall back on. "

rhino59 wrote on Oct 31, 2008 4:32 PM:

" Anyone can steer the ship when the seas are calm and the winds are favorable......but when the storm blows and waters are hard to navigate, you need a captain, a leader at the helm. And those types of leaders have to be compensated in order to be kept. If there were a more qualified candidate for CEO out there that would do a better job for less pay, don't yoiu think Winnebago would hire that person? "

andbro wrote on Oct 31, 2008 4:11 PM:

" 25 years ago the upper management team that was there is not as strong as today's. And please tell me when the last time Winnebago had to lay people off? It's been some time so if the policy has changed the policy has changed and we need to live with it. It's all legal the way they do it. I have seen some of the people that have worked there for longer than some of the newbies and you could say that the old timers are not the hardest workers either so if the went by job performance some of these people that have been there for 20 years still could get laid off and if that happened I'm sure there would still be people that would complain that isn't fair either. "

suziecue wrote on Oct 31, 2008 2:34 PM:

" andbro I don't know how long you have worked for 'bago but this is not the way they laid people off before. There were transfers and the new people were laid off. We used to bump and it wasn't according to building, line or manager. Senority meant something 25 years ago. "

andbro wrote on Oct 31, 2008 10:52 AM:

" Momof5,trust me I know first hand that you wouldn't want it even for a day. This does affect Bob Olson everytime he has to do it and he does have a heart and truly and deeply cares about the employees that work for Winnebago. He has always fought for the employees to get them some kind perk or bonus it might not be much at times but at least it something. Sometimes I don't think the pay would be worth it having it on your mind that you might have to lay 150 people off....you could do that? I don't know if I could. "

momof5 wrote on Oct 31, 2008 10:39 AM:

" If I trade places with him for a day, can I have that days pay? if so, sign me up! "

mnmaniac wrote on Oct 31, 2008 10:13 AM:

" It's this sort of thing that will elect President Obama. As a first-term Senator, he would have no chance under normal circumstances. But people are tired of corporate greed. They're sick of seeing workers lose their jobs and companies whine about big losses while paying their CEO's exorbitant bonuses and providing golden parachutes to those who depart.

I am NOT an Obama supporter. I believe his socialist policies will cause the current recession to become a depression. But I can certainly see why he is so far ahead in the polls and why he will be the next president. "

luvmason wrote on Oct 31, 2008 9:11 AM:

" You couldn't pay me enough to walk in Mr. Olson's shoes. I think that anyone that judges him should have to trade places with him for a day. As I understand it, he has been in the trenches as well. A pay check does not equal a picnic. "

MC Native wrote on Oct 31, 2008 8:56 AM:

" These postings are so ironic. I would bet the same people complaining about this CEO’s pay are the same folks that sit on their a$$es all day long bit<hing about why there are no big companies that want to come to north Iowa to pay workers good salaries. You can’t have it both ways people!

Also, Joe the Newspaper Editor needs a wake-up call too. This story is a perfect example why the Globe-Gazette is part of the problem, not the solution.

Small town newspaper = small minds! "

andbro wrote on Oct 31, 2008 8:27 AM:

" Anything has to better than having Bush in office. You might be surprised how much Wall Street changes after the election I mean really if somebody burps Wall Street goes up or down. It helped yesterday cutting the interest rates and with gas prices declining something has to change. "

shilo wrote on Oct 31, 2008 8:18 AM:

" anbro, don't hold your breath. It's going to take more than a pacafist politician to turn the economy around. Spose the new leader will bring all the companies back from overseas, get rid of the illegals, crooked loan sharks, raise wages etc. etc. etc.? If not. I wouldn't count on any "change". "

andbro wrote on Oct 31, 2008 7:49 AM:

" The problem that I see is that everyone is acting like it's Bob Olson's fault for the slump in sales or the Superintendents or principles fault for delining attendance and really it's none of their faults. They have no control over the economy and the decisions that are made on Wall street that are freaking everyone out. This is a trckle down effect if the economy is doing bad people are not going to go out and buy a $250,000 toy that they really don't need right now. That end's up hurting Winnebago which in turns hurts the local economy which in turns affects the school enrollment at the schools. That is why this presidential election is so important, so we have a responsiblity as voters to get out and make a change that will hopefully turn these problems around so this kind of discussion will be a thing of the past. "

goldenthroat wrote on Oct 31, 2008 7:37 AM:

" What about the principle of a school system making 185.000 a year, every year with all the benefits, that has LARGE declining enrollment every year, should he or she not be paid less? Or are government employees exempt from pay cuts and taking less?
I am just trying to understand how everyone is thinking. "

andbro wrote on Oct 31, 2008 6:10 AM:

" Once again that I will state that these figures were from "LAST YEAR" not this year. I'm sure there will be no bonuses handed out at the end of fiscal year 2008 but we won't find that out until next September.
Now when it comes to the way Winnebago lays people off....this way of doing it has been in place for years and years but Winnebago has never had to use it before because business has been good. I have to agree that it does suck that someone with more years is being let go compared to someone with limited experience due to department but it has been the policy. Is it unfair? Yes, but it is a written policy tthat was probably written before any of the upper managment were in the positions they are in today. Guess what...it's probably all legal and there will nothing that can be done about. "

NRA wrote on Oct 31, 2008 5:58 AM:

" I think it was a nice gesture to offer the CEO a bonus for a job well done. The same CEO should have said "thank you, but under today's economic times I would like to refuse the bonus for the good of the company." That would be a hero in my book. On the plus side, at least he's not getting his bonus from the taxpayers like the CEO's on Wall Street are. Now that ticks me off! "

old school 79 wrote on Oct 30, 2008 11:16 PM:

" Now let’s get it straight. First he took it over in May for 700,000. Not bad. Do I think that he is worth it? Sure I think he should take his health care and salary. But he shouldn't be given any bonus. It would be nice if all the salary people had to take a cut as long as we are not getting a full check. Now as far as the number of employees right now. It is at about 1,000. So yes a far greater number have been laid off. I don't think the foreman or execs should be getting a big bonus. I think we all would like to see the RV industry take a big jump and put everyone back to work. But that is not going to happen anytime soon. So I think that it should be done by company seniority when they are telling the employee not to come back. But they are not doing that they are doing under production manager. So weld shop gets the whole building. Which means all three lines and sub areas in that building. But now if you work in Bertha it is another story. Each line has its own pm. The sub areas have their own pm. So yes that is what makes me mad. Not that Bobby get his pay. But that I have friends that have come to work faithfully for years just to see them sent down the road. For what for being a good employee. While the other smuck on line one with a year of service and several write ups stays. If it gets any worse they would have to have a politician come in explain to us just how this is fair. Because I sure don't see it!!!! Now with that said I have to thank Winnebago for the good years and want to work with them to make the best out of the bad. Would I take his job? In a second!!!!!!!!!!! "

DS wrote on Oct 30, 2008 6:45 PM:

" tickedoffiniowa is exactly right, how the layoffs are being done is pathetic. People with 15-30 years of service are losing their jobs. Beofore they lost their jobs, they were lucky to get 5 hours a day in. On line 1, people that haven't even been there 2 years still have their jobs. Some of them are working 9 hour days, working Fridays, and are in during every single plant and line shutdown doing "rework". See, some of us have been stupid enough to do our jobs right when apparently intentionally doing your job wrong equals job security. "

JB Johnson of Britt wrote on Oct 30, 2008 2:46 PM:

" Ok lets just say he only got 200,000. and the rest was split to the rest of 3500 workers 531,370 divide by 3500 = 151 dollars a year or $2.91 a week. That is less than a pack of smokes or one drink in a bar. Now ask yourself where are you going to get a CEO to work for $200,000? Are Grassley and Harkin worth $200,000 "

andbro wrote on Oct 30, 2008 2:43 PM:

" I have a question to all of the people that are blogging if you disagree with his salary or his incentives what do you think a CEO of this major corporation should be making? Bob Olson is probably one of the lowest paid executives compared to some companies that bring in the same amount of money.
He has to make decisions that affect many people's lives and do you think that he enjoys this? I think not! Bob Olson does have broad shoulders to take this responsibilty and the blame that people put on him even when it is not his fault that the economy sucks right now. Guess what he has no control of that. You all have to remember that Bob Olson started on the line and through hard work he has been able to work his way up in the company to get where he is today. It's not like he is just some guy that has walked off the street just out of a big college thinking that he can run a company without any experience. Bob Olson has been in the trenches of this company and lives and breathes Winnebago Industries and if he had an option not to lay people off I'm sure he would do it. Just step into his shoes and think about how he probably feels when he reads the blogs that people are writing. He didn't have to take the position of "the Booss" but he knows that this will turn around and that he will stick it out until the days at Winnebago are busy again. "

tickedoffiniowa wrote on Oct 30, 2008 1:55 PM:

" I can only imagine the stress Winnebago CEO Bob Olson goes through daily with being left with a sinking ship, or in this case a motorhome with 4 flat tires.
But more so, I worry about the workers that have been laid off and the many more that will be laid off in the weeks to come. Workers are losing their health insurance,homes and having troubles paying their bills and feeding their families and losing their dignity.. With these bad times we are in, the company should not be offering any *PERKS* for the top boys..I'm not the only one tickedoffiniowa about this I am sure.. Layoffs are not being done fair. I think we all know that these layoffs had to happen,but come on lets go about it in a fair way. Most people don't know that in some depts. people are being laid off that have been working for over 20 years but yet on the lines there are workers that have under 10 years and they are not being laid off because they are under a different building manager.Workers with more seniority under a different building manager can not *bump* them out.
So yes, I think the top boys in the offices should have to tighten their belts as the laid off workers have had to do. "

andbro wrote on Oct 30, 2008 11:54 AM:

" I think everyone that is blogging needs to look at the numbers and see what year the numbers come from. These figures are from fiscal year 2007 not 2008. Winnebago was still making money this year and business was slowing but it wasn't like it is now. Before everyone throws Bob Olson onto the fire lets see what his salary and bonuses will be for fiscal year 2008. You might be very surprised with the lower numbers and you have to remember that Bob Olson and upper management are trying to find different ways for the company to save money. He did have all of the company cars taken away from upper managment and no bonuses for upper management were issued. There were bonus checks given to the hourly employees and guess what, Bob Olson could have stopped that from happening but he feels that the employees deserved that and he doesn't want to take anymore away from the employees.
You have to remember that Bob Olson is human and this is probably tearing him up inside to have to make the call on the layoffs but to keep this factory from closing it's doors sacrifices have to be made.
Bob Olson has worked on the line and he has been through this himself in the early years of Winnebago so he knows what people are going through. "

llou62 wrote on Oct 30, 2008 11:07 AM:

" I am sorry; I misquoted the incentive, it was 23,000 some odd dollars; the stocks and other options were worth $282,000 at the time of October 2007; not worth that now; at any rate, he got a lot of "options" that are more than many make in a whole year. "

llou62 wrote on Oct 30, 2008 11:01 AM:

" A $700,000 salary is a big deal because many, many people are without jobs and insurance, winter is coming on and people are scared and of course, angry. Are they angry with Bob directly? Probably not. But until you have been in the shoes of some employees for the last six months, please do not judge that anger. I don't have problem with his salary, but his bonus, "based on the company's performance" that is where I have a big problem. The performance of the company has been very bad; not Bob's fault but if that is what the bonus is based on, frankly, it should not be handed out on years when money is tight enough that many $25,000/year hourly employees are given the walking papers. Come on. Bob and any other executives can do without that $200,000 much easier than the food, insurance, etc., that others are having to struggle to buy. That is angering. Secondly, many of these people have put up with a summer filled with shut downs, four day weeks and then on those few four days when they get to work they have been sent home early; so they have not had full paychecks in months and months. This has NOT been announced in the papers and during the last few months the layoffs have been kept under the "required number" it takes to have the company forced to make a public announcement; I am sure that is over fear of the stockholders, but what if you were one of those employees?

Times are terrible in FC, just as they are across much of the nation. Our food bank has record numbers coming in for food, our church's charity clothing area cannot even keep enough clothes in it, our school's free and reduced lunches are skyrocketing in number, the business district is almost empty and so, yes, a quarter of a million dollar bonus, although not as big as many executives get while their company is going down, seems excessive to the "little people" of the world. Meanwhile our taxes are going up in FC, we are paying someone to help "brand" the town and try to get new businesses here....which is not going to happen until/if Winnebago recovers. Please, until you judge those who are angry about this figure, try to put yourself in these former employees' shoes. Job loss provokes anger. Period. Not Bob's fault, but hey; that is why he made half a million last year; so he has big enough shoulders to handle the anger....it's part of being an executive. "

Andbro wrote on Oct 30, 2008 9:09 AM:

" I can't beilieve that I am reading that people think that Bob Olson is being greedy by the amount of pay that he receives.
You need to compare the CEO's pay of other "BILLION" dollar companies compared to what Bob Olson makes and you will see that he does not make anything near that amount.
Before any one mentions anything about greed you need to know how much money that he gives to the community of Forest City. He is a contributor to Bear Creek Golf Course, Waldorf College, Waldorf Sports Boosters, NIACC and many other organizations so I think you all need to choose your words wisely before you describe the integritiy of Bob Olson. "

BooneFarm wrote on Oct 30, 2008 7:49 AM:

" Why does this have to be such big news? His earnings were more than likely decided before the economy took a nose dive. The past CEO's received big money too, and the last one decided to get while the gettin' was good. Mr. Olson is a dedicated individual to Winnebago and will do everything possible to bring this company back to profitable times. I, for one, would not want the responsibilities that go along with his job. Winnebago is NOT the only company laying off employees where the CEO is still making high earnings. If you want big paychecks, get off your butt and work for it. "

Flipflop wrote on Oct 30, 2008 7:08 AM:

" Unfortunatley, this is no different than it is in any other large, profitable enterprise! The top dogs, get the big bone, and the small dogs get to lick the bowl. "

JO wrote on Oct 30, 2008 6:25 AM:

" Just another CEO making tons of money while the little guy gets laid off or let go. Makes no sense to me why they need to make that much when their company is not making money! "

KCEE wrote on Oct 30, 2008 6:06 AM:

" Isn't there something wrong with this picture???????????? Times are tough for the company, so many getting laid off and the PERKS still are given to the top individuals!!!!!!!!!!!!! "

farmboy wrote on Oct 30, 2008 5:47 AM:

" how about it bobbie lets not be greedy. "

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