In the nine months since David Prystash was named Chief Financial Officer of A123 Systems — the battery manufacturer that received $390.1 million in federal and state subsidies — the company has laid off 125 employees and had a net loss of $172 million through the first three quarters of 2011.
A123 Systems also learned earlier this month that the company that was to be the main purchaser of its batteries — Fisker Automotive — had its federal funding cut off for missing milestones and had to lay off its own employees. A123 Systems had invested $23 million into Fisker.
Yet, this month A123’s Compensation Committee approved a $30,000 raise for Prystash just days after Fisker Automotive announced the U.S. Energy Department had cut off what was left of its $528.7 million loan it had previously received.
Prystash wasn’t the only executive to see a big raise this month. Robert Johnson, vice president of the energy solutions group, got a 20.7 percent pay increase going from $331,250 to $400,000, while Jason Forcier, vice president of the automotive solutions group, saw his pay increase from $331,250 to $350,000. Prystash’s raise was 8.5 percent, going from $350,000 to $380,000.
Tuesday, February 28, 2012
Executive welfare courtesy of the American taxpayer.
Posted by traderrob at 11:32 AM