In light of the recent confession by the now CWP Board President Bob Kangas regarding $70,000 bonuses that he and six other board members accepted from the sale of Hunt Technologies in 2006, I wanted to speak to issues he brought forth.
When these people were elected to the board by the co-op members, I'm sure they were aware it came with a $16,000 salary. Not bad in my opinion, for a part-time job. I wonder how many others will be running for the board now that they know there is the potential for $70,000 bonuses above their salary for merely doing what they were elected to do.
Two board members, one being the prior board president, turned down the $70,000 payment of members' money, because they knew it was wrong to accept it. Seven others, including the now board president, chose to accept it. That equals $490,000, or nearly half a million dollars in co-op members money.
If the board members signed a non-disclosure agreement in 2006, and were never allowed to mention it to co-op members for over a decade, how come they can talk about it now that the cat is out of the bag?
If there are undisclosed profits totaling $490,000 of members' money in this instance, is there more? Is this just the tip of an iceberg of undisclosed profits of members' money going to board members or others at CWP? I know CEO Bruce Kraemer makes way north of $325,000 with his salary and other special compensations What's next, five, ten million, maybe more?
It looks to me that the "big picture" Mr. Kangas referred to is getting bigger as a handful of people continue to dig