RSS Feed for this Blog

Thursday, February 28, 2013

Compensations and Ironies

Had to laugh when I saw the headline: NYRA plans to offer a $550,000 package to new CEO; that considering the fuss over Charlie Hayward's salary, variously reported to be a base of $460,000 to "at least $475,000" (from the chronic NYRA-critic Jim Odato).  Then I saw it's more nuanced than that - $300,000 in base and another $250,000 in incentives; structured in a way to keep the hypocrisy shaded by.....well, more hypocrisy. 

This package is despite the fact that a search firm hired by the compensation committee advised that the CEO job likely would be worth $600,000 to $1.1 million in annual compensation; an explicit acknowledgment that Hayward not only wasn't making too much, but that he was significantly underpaid.

Well, anyway, good luck with that.  I have it on good authority that the search is focused on three people.  And though I can't tell you who they are, I can tell you that none of them are named David Paterson, John Sabini, Marshall Cassidy, Hazel Dukes, Richard Dutrow, Isiah Thomas, Fred Armisen, Bobby Valentine, Scott Brown, Mitt Romney, Tagg Romney, or Barclay Tagg.  And that they are all white men.  Wo, big surprise there.

Additionally at yesterday's board meeting, David Grening of the Form reports:

..Board member Bobby Flay said he was asked by Breeders' Cup officials to ask the NYRA board about its "appetite" to host the 2014 Breeders' Cup at Belmont Park.
  I'd be curious to know how the conversation at Breeders Cup went, when they decided which shadowy back channel to go through to get an answer to a very straightforward and logical question.  "Oooo, lets ask Bobby Flay what's cooking."  Maybe someone should send them the name of the chairman of the board?

NYTHA president Rick Violette was amongst the board members opposed to hosting a non-Lasix Breeders Cup. 
  "Horsemen would certainly have an issue with banning Lasix....Our fundamental position is most, if not all, horses bleed. Lasix is an effective agent in controlling it, if not stopping it."
  And that surely brings us in an ironic full circle.  When NYRA hosted its first Breeders Cup, at Aqueduct in 1985, Lasix was still banned in New York.  Now people are opposed to the BC being here if it is banned at the event.

And outgoing president/COO Ellen McClain told the board that NYRA needs to operate off track wagering facilities in NYC (I prefer not to use the term 'OTB'.)  While NYRA does, and has always, had the right to operate up to eight facilities, Ms. McClain said that "We'd like to be in 40 restaurants in three years. We think we can do that and do it well."  I'm sure they can. 

But here, our friend irony strikes again.  Because, if I'm not mistaken, it was, in part, Charlie Hayward's desire to move forward with a similar restaurant plan which made him hesitant to acknowledge that NYRA could (and should) have returned the takeout to the level below the temporary 1% increase; the snafu (under his mistaken belief that NYRA had the option rather than the obligation to do so) that caused his ouster and this whole mess of a NYRA board in the first place.


Anonymous said...

Nader, Sexton, Waldrop?

Anonymous said...

Hazel Dukes ..."And that they are all white men.." ??

Anonymous said...

There's absolutely no way any of those guys anon mentioned (Nader, Sexton, Waldrop) would work for that kind of money.

I don't even think they can afford Dan Silver for that kind of money

jk said...

Add up the salaries of all of the regional otb ceo's and it will be much more than what Hayward was getting or the new CEO will get paid. At least no money is being wasted to pay the CEO of NYC OTB anymore.

The BC reaching out to a NYRA board member seams reasonable in light of there is no CEO to call on at the present time.

I find it comical the horseman have no problem with running cheap claimers on medication while opposing the Breeders Cup being run at Belmont. All of the slot money has clouded their judgement imo.

Figless said...

But will they find 40 restaurants willing to accept OTBs on their premises?

Unless of course they are all owned by Bobby Flay, since we are coming full circle.

Figless said...

PS - Always thought NYRA CEO salary was reasonable, perhaps another example of getting what you pay for.

On topic, I notice CDI's 4Q profits WAY down, almost all due to increased compensation costs. Interesting.

Pull the Pocket said...

Very witty and informative column today, ol boy. I have yet to see any post anywhere use "Tagg" in two spots.

Well done!


Figless said...

One might ask why a search firm is necessary if they indeed have already narrowed the list down to three?

Anonymous said...

Just what are the tough decisions that a CEO of NYRA must make that a graduate of CCNY with a B.S. degree in Finance wouldn't be qualified or capable to make? a graduate that doesn't even know which end of a horse farts.

Paying a CEO or any other person in management at NYRA more than $200,000 per year as salary is absurd.

Anonymous said...

I know a White guy who will be looking for a Job soon,
Bob Menendez.He's looking for another hack job with perks!

Anonymous said...

A tough decisions that a CEO of NYRA must make.

Should I bring in the pick-5 that will handle about $300,000 a day or should we stay with the pick-6 that handles $30k a day.

August Song said...

Lou Raffetto just resigned from the Thoroughbred Owners of California. Have the stars aligned?
What do you think?

Anonymous said...

Raffetto, Nader, Corey Johnson?