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  1. #1

    • Darkbeer
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    Matt Ouimet's basic contract with Starwood, Amazing Money...

    http://seekingalpha.com/article/14938


    Last week, Starwood Hotels (HOT) announced that it had hired Disney (DIS) veteran Matt Ouimet, who was most recently in charge of the Disneyland Resort in Anaheim, to oversee Starwood’s global hotel operations. Yesterday, Starwood filed Ouimet’s employment contract and while much of it was pretty standard — $700K salary, bonus, and sign-on equity in the form of restricted stock worth $705K — the item under "other benefits" was not.

    For the first 12 months of Ouimet’s employment, Starwood will reimburse Ouimet up to $1.5 million in airfare. In the contract, Starwood says it is offering the free airfare "in order to make it as convenient and un-burdensome as possible to perform your duties" because the executive plans to remain in Anaheim through the end of the upcoming school year, despite the fact that Starwood (and Ouimet’s new office) is based in White Plains, NY. There’s also a gross-up to cover the cost of the cross-country travel. The contract also notes that the trips can be on commercial or chartered planes. Luckily, Jet Blue’s $139 a pop cross-country tickets remain on sale through tomorrow!
    And here is the actual SEC filing (This link has major info)....

    http://sec.gov/Archives/edgar/data/3...9/exhibit1.htm

    So he gets $700,000 base salary, and an expected bonus of another $700,000 a year, plus or minus depending on the company performance, plus many other benefits in the future...
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  2. #2

    • rosy, stunned and amused
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    Re: Matt Ouimet's basic contract with Starwood, Amazing Money...

    [quote=Darkbeer]http://seekingalpha.com/article/14938



    And here is the actual SEC filing (This link has major info)....

    http://sec.gov/Archives/edgar/data/3...9/exhibit1.htm



    So????

    He gets $700,000 base salary, and an expected bonus of another $700,000 a year, plus or minus depending on the company performance, plus many other benefits in the future...

    and? SEC filings are notorious for disinformation....its all in the verbage! and honey let me tell you about the rocky verbage!

    Dude, MY boss (chairman of the board/CEO) of a $400m restaurant co. makes more than that.

    O-man got screwed......
    __________________________________________


    and before you start throwing quotes and numbers and figures at me - i've done the SEC filings for both public and private companies, am TIRED of the legalities (Froggy come to my resque!!).... and am too weary to debate this. So I won't - because it will not change one of our board members attitudes or - and more importantly, the STOCKHOLDERS point of view.
    Last edited by Princess Picard; 08-16-2006 at 11:39 PM.
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  3. #3

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    Re: Matt Ouimet's basic contract with Starwood, Amazing Money...

    He gave up being the caretaker of Disneyland for *this*? Bleh, kind of a sell-out. As long as I was getting paid a decent (high 5-figure income) salary, there'd be no way anyone could rip me away from running Disneyland. It transcends any amount of money, we are talking about filling Walt's shoes here.

    But the unlimited Presidential suites at any hotel in the world sounds pretty sweet. I wish I had the choice between running Disneyland and making a cool million just for travel expenses.

  4. #4

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    Re: Matt Ouimet's basic contract with Starwood, Amazing Money...

    Quote Originally Posted by Athlonacon
    He gave up being the caretaker of Disneyland for *this*? Bleh, kind of a sell-out. As long as I was getting paid a decent (high 5-figure income) salary, there'd be no way anyone could rip me away from running Disneyland. It transcends any amount of money, we are talking about filling Walt's shoes here.

    But the unlimited Presidential suites at any hotel in the world sounds pretty sweet. I wish I had the choice between running Disneyland and making a cool million just for travel expenses.
    He went from being low man on the corporate totem pole at Disney, to being the head honcho at another major corporation. Finances aside, that's a very smart move on Matt's part. It sets him up to move on to other large corporations later in his career.

    I know we all love Disney, but some things transcend the Mouse. Matt had to do what he thought was best for his career and his family. To call him a sell out for that is unfair.

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  5. #5

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    Re: Matt Ouimet's basic contract with Starwood, Amazing Money...

    he went from a figurehead to someone who actually has power. I wouldn't want to run Disneyland right now if offered a million dollars. too much stuff going on. and you have to deal with the grief without getting any bennefits or making decisions.

  6. #6

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    Re: Matt Ouimet's basic contract with Starwood, Amazing Money...

    Quote Originally Posted by Athlonacon
    He gave up being the caretaker of Disneyland for *this*? Bleh, kind of a sell-out. As long as I was getting paid a decent (high 5-figure income) salary, there'd be no way anyone could rip me away from running Disneyland. It transcends any amount of money, we are talking about filling Walt's shoes here.

    But the unlimited Presidential suites at any hotel in the world sounds pretty sweet. I wish I had the choice between running Disneyland and making a cool million just for travel expenses.
    I would be the first one to say that I'm sorry to see Matt go. He did a GREAT job getting the park back and who knows what he would have done if senior management had not insisted on putting puppet strings on him. As a park president you shouldn't have to beg for things.
    As for filling Walt's shoes..NO ONE can do that and no one should try. I think the best any Disneyland President can and should do is read & learn
    how Walt felt about things and carry on in his spirit. Trying to replace Walt is one of the things that got Eisner in trouble.
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  7. #7

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    Re: Matt Ouimet's basic contract with Starwood, Amazing Money...

    Quote Originally Posted by Cmash95
    he went from a figurehead to someone who actually has power. I wouldn't want to run Disneyland right now if offered a million dollars. too much stuff going on. and you have to deal with the grief without getting any bennefits or making decisions.
    Agreed.
    I wouldn't want it either and I agree that he went from being a figurehead to someone with some actual power.
    IF what I have read is true about Rasulo (and considering he comes from strategic planning) he doesn't have a clue and I wouldn't want to report to him.

  8. #8

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    Re: Matt Ouimet's basic contract with Starwood, Amazing Money...

    He needs to do what he needs to do for himself.


  9. #9

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    Re: Matt Ouimet's basic contract with Starwood, Amazing Money...

    [quote=Princess Picard]
    Quote Originally Posted by Darkbeer
    http://seekingalpha.com/article/14938



    And here is the actual SEC filing (This link has major info)....

    http://sec.gov/Archives/edgar/data/3...9/exhibit1.htm



    So????

    He gets $700,000 base salary, and an expected bonus of another $700,000 a year, plus or minus depending on the company performance, plus many other benefits in the future...

    and? SEC filings are notorious for disinformation....its all in the verbage! and honey let me tell you about the rocky verbage!

    Dude, MY boss (chairman of the board/CEO) of a $400m restaurant co. makes more than that.

    O-man got screwed......
    __________________________________________


    and before you start throwing quotes and numbers and figures at me - i've done the SEC filings for both public and private companies, am TIRED of the legalities (Froggy come to my resque!!).... and am too weary to debate this. So I won't - because it will not change one of our board members attitudes or - and more importantly, the STOCKHOLDERS point of view.
    It's more like power and structure rather than the nitty gritty of the dollar signs

    Steve Jobs gets $1 a year in salary, and gets paid in stock options and "gifts"... Impressed?

    The fact that O-man is even considered for an SEC filing... He wouldn't have been in Disney's structure... Think about it for a moment and reflect...

    At this stage in one's carreer dollar signs are only partially the name of the game...
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