The BloggingActivist update: Adams Golf’s excessive compensation — for a retired guy!
Posted by: in Stocks Money NewsFiled under: Scandals, Activist investing
A few months ago, I wrote a piece about a company that I own shares of called Adams Golf (OTC BB: ADGO). While I was, and still am, very optimistic about the company’s potential for providing outstanding returns to shareholders, corporate governance is a significant problem at the company. I strongly believe that there are changes that need to be made to provide shareholders with the best return possible, and I outlined some of the steps I believe should be taken in that post.
One issue that makes abundantly clear the corporate governance problems at Adams Golf is the compensation of its founder and chairman, Barney Adams.
According to the most recent proxy statement, Adams was paid $421,698 in 2006, a pay package that is hardly immaterial in light of Adams’ market cap of around $50 million. The footnote explains it this way:
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