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But transaction fees, a 1-2% cut managers charged merely for consummating a deal, look indefensible now.
Politicians and media demonise the activists as financial criminals who prize short-term gains over firms' long-term health.Elsewhere activist shareholders have got firms to jettison assets or cut managers' pay.
[Page C1.] Saks to Cut Managers and Sell a Midprice Chain Struggling to keep pace with its luxury rivals, the parent company of Saks Fifth Avenue moved to thin out its management team and put the last of its midprice department store chains up for sale.
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Since then, century-old Hartmarx, whose men's labels include Hart Schaffner &Marx and Hickey-Freeman, has posted big losses, cut manager pay and announced hiring of a new boss.
They settled on Orchard Street, on the East Side of New York City, where Yehoshuah now Cohenn"—found a job as an iceman, initially cutting that substance from the East River, before being promoted to assistant deliverer (an innate sense for horses and geography), to chief deliverer (developing English and manners), cut manager, assistant payroll.
But it was put on hiatus in 2009 anyway as budgets were cut and managers worried about diverting resources from front-line emergency needs.
The main target now: Graham Wallace, chief executive (for the moment).Mechanics at United Airlines rejected a pay cut that managers had proposed as part of a recovery plan.
The cuts for managers follow a 60percentt year-on-year decline for their summer bonus this year, and a 10percentt cut for their winter bonus in 2008.
The cuts include managers, administrative workers, mechanics and shop laborers, Boeing said.
As public sector organisations deal with savage budget cuts, procurement managers find themselves increasingly a core part of the solution.
TORBORG SUSPENSION CUT: Marlins Manager Jeff Torborg will serve a one-game suspension today at Milwaukee for an ejection on April 8, with Major League Baseball reducing the penalty from two games.
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CEO of Professional Science Editing for Scientists @ prosciediting.com