The Hyatt IPO came out yesterday, and you can read it here on the SEC webpage. Hyatt has its brand image as the top competitive advantage. Since the IPO was just filed yesterday, you’d think one of the Pritzkers would have brought it up to date and removed brand image from that section.
Here’s what the Hyatt CEO gets should he ever be fired (below). For him, financial security is promised in advance, signed into a legal document, and far more than he will ever need to survive. Compare this to the housekeepers who are fighting just to be reinstated at a living wage. Yesterday’s rally downtown was a good start, and it was awesome to see the signs people had put up in windows opposite the Hyatt building. We need to keep the pressure on. Please add your name if you haven’t already.
Hyatt CEO Mark Hoplamazian’s pre-promised severance package:
and severance if his employment were terminated by us without cause or by him for good reason prior to a change in control, or by us for any reason within twelve months following a change in control or in contemplation of a change in control, equal to:
* one year base salary; ($1,000,000) — it would take 32 years for a housekeeper making $15 / hr to earn this amount.
* target annual incentive for year of termination multiplied by the percentage payout of his annual incentive in the prior year;
* pro rata annual incentive for year of termination equal to his target for such year multiplied by the percentage payout of his annual incentive for the prior year; and
* full vesting of his SARs (stock appreciation rights) and RSUs (restricted stock units) granted in 2006.