Ummm ... Not Exactly
“I understand the first-look outrage people might have, but I think once it’s explained, it makes pretty simple sense …”
“That’s the bonuses that are basically sitting in an escrow account – bonuses and some retirement. That’s the amount that will be paid out through 2024 – money that’s due to Max …”
“From a CEO perspective, he’s earning these bonuses based on taking our operating budget from $17 million level, which I think is what it was when he took over, and now we’re operating over $40 million. From a CEO perspective, that’s one of the benchmarks to point to …”
“Ultimately you end up doing what the auditor tells you to do, so we had to file in such a way. It balloons his income to a pretty insane amount, but it’s not what it appears be. At first glance, it seems ridiculous, but then you dive into the numbers and it makes a bit more sense.”
– Ryan Wilson, chair of USATF board’s compensation committee, talking to The Washington Post about how Max Siegel’s compensation is $4.2 million ($1.2 million now, $3 million over the next 4 years). We have no idea why paying ex-Nike executives $23.75 million to negotiate a contract with Nike without asking for bids from anyone else would deserve that type of bonus. Plus The Sports Examiner’s Rich Perelman wonders if extending the Nike deal was even Siegel’s idea or did two ex-Nike execs, who would eventually be paid $23.75 million, come up with the idea. And was Siegel’s $3 million in deferred compensation only agreed to after Vin Lananna was suspended?
From the LRC Archives: 2016 MB: Breaking: Max Siegel Expose in The Washington Post – It’s going to be tough for him to survive this!!
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