The Chattanooga-based company, as noted in the October 9 Turner Report is $4.8 billion in debt and has said it will sell at least 21 of its malls.
One thing it has not done in its efforts to cut costs and pay for improvements to its properties is to reduce its executive compensation packages.
A definitive proxy statement filed earlier this year with the Securities and Exchange Commission (SEC), shows that the company's Chairman of the Board Charles B. Lebowitz (the CBL in the company name) received $1,851,748 in 2013, including a base salary of $628,960, a $600,000 bonus and $60,563 in stock.
His son (three of Leibowitz' children are executives in the company), CEO Stephen D. Lebowitz, did even better, with a compensation package totaling $5,020,936, including a base salary of $556,993, a $750,000 bonus, stock options totaling $3,265,614 and "other" compensation of $448,329.
Of that other compensation, $441,000 was to cover the younger Lebowitz' use of the company's private plane, according to the proxy statement. Other executives could also use the planes, but for the most part, the CEO was the only one who did and it appears he often took his family with him:
Depending on availability, family members of executive officers also are permitted to ride along on the corporate aircraft when it is already going to a specific destination for a business purpose. We consider this use to have no incremental cost to the company since the business flight would have occurred regardless of the additional passengers.
Another family member, Michael Lebowitz, who serves as executive vice president of development and admnistration, had a compensation package totaling $955,008 in 2013, according to the proxy statement.
M. Lebowitz' base salary was $397,852 and he received a quarter of a million dollar bonus, as well as $300,781 in stocks and $6,375 for "other."
The one-cent sales tax for Northpark Mall could last as long as 20 years.
This guy is just as fed up on the taxpayers as Billy Long!
ReplyDeleteI feel for the merchants at the mall as well as the customers. Joplin's city finance director was stupid for supporting this with her statement that the owners were only taxing themselves. I don't want to support the extravagances of the wealthy and after Jan 1 I will shop elsewhere.
ReplyDeleteI have no problem with people making money but I do have a problem with people who cheat others and that's what that tax increase is.
ReplyDeleteNo more mall shopping for our family.
I am not saying I agree with the tax but the city of Joplin did approve it for some reason. What if the mall was going to close without the tax? There would be hundreds of people suddenly without jobs. CBL owns the mall building. It does not own any of the stores inside. So by not shopping the mall your not hurting CBL you are only hurting many businesses including many small and local owned therefore hurting your own community.
ReplyDeleteyou're not hurting the mall owners as much as you are hurting all the business owners of joplin you goofs
ReplyDeleteThose business owners are not being held hostage at the mall. Joplin is full of empty store fronts and strip malls with new opportunities popping up all the time. Mall leases are high, moving could be a sound business decision. Those who choose a different path are not "the goofs" but maybe those who pander to these wealthy developers are.
ReplyDeleteMy thoughts exactly!!!
DeleteSounds like a true Republican comment. A few people decide to shop elsewhere and suddenly hundreds (I'm surprised it wasn't thousands) of people are without jobs. But, of course, this scare tactic always works in SW Missouri.
ReplyDeleteI dont do a lot of shopping at the mall as it is now. I wont do any shopping at the mall after this goes into effect.
ReplyDeleteGood for him! Sounds like he is taking care of his family too. I don't have a problem with this at all. Obviously if people weren't shopping at the Mall then he would either have to improve it or close it. Quit shopping there if you don't want to contribute to his salary. Shop online. The mall stores have plenty of options of other places to lease. The mall employees have options of other jobs. There are plenty of jobs that pay what retail pays. It's just like people complaining about the salaries of professional athletes but they keep watching the games on tv and buying the merchandise.
ReplyDelete