IHeartMedia Approves Bonuses For Executives In Midst Of Bankruptcy

iHeartMedia has approved million dollar bonuses for their executives while in the middle of Chapter 11 Bankruptcy, according to AllAccess.com.

IHeartMedia released the following:

“Under the 2018 KEIP, each participant is eligible to earn a performance bonus in cash at the end of each of the second, third, and fourth quarters of 2018 (the “Quarterly Bonuses”), depending upon the extent to which certain performance goals have been achieved for each such quarter.”

Here are a few of the bonuses:

  • Chairman/CEO ROBERT W. PITTMAN will be eligible to earn a target Quarterly Bonus for each of the second, third and fourth quarters of 2018 of $2,325,000.
  • COO/CFO RICHARD J. BRESSLER will be eligible to earn a target Quarterly Bonus for each of the second, third and fourth quarters of 2018 of $1,325,000.
  • EVP/General Counsel and Secretary ROBERT H. WALLS, JR. will be eligible to earn a target Quarterly Bonus for each of the second, third and fourth quarters of 2018 of $225,000.

Commentary: In the middle of chapter 11 bankruptcy, iHearMedia has approved bonuses for the executives that caused the company to file for said bankruptcy. It bothers me that they are doing this while thousands of their employees might be losing their jobs.