PROVIDENCE -- Frustration over GTECH Corp.'s shrinking profits and sliding stock price boiled over yesterday at the company's annual meeting. Guy B. Snowden, chairman and chief executive officer of GTECH, the world's largest lottery system manufacturer, spent 45 minutes at the Providence Marriott lectern defending everything from the generosity of executive salaries and perks to the efficacy of lending directors money at low interest so they can buy company stock. "It would appear to me, Mr. Snowden, that with the losses GTECH has incurred (from discontinued subsidiaries), with the stock price down to $10.25 this morning, and looking at the increases in compensation" outlined in the company prospectus, "that this management team is benefiting at a time when the earnings of this company are nil," said one shareholder, Eugene A. Nadeau of Warwick. (excerpt)
Full text: Providence Journal, Aug 11, 1988
forex trading system
No comments:
Post a Comment