Furniture Brands International CEOs Collect 10 Million in Bonuses

Despite the massive layoffs and cliff-diving stock price that Furniture Brands International has endured over the last 12 months, the top eight executive employees concurrently earned cash bonuses, stock, and options valued at over $17.66 million. This surprising move is leaving industry experts puzzled and FBI employees outraged.

Furniture Brands International Bonuses: How They Were Split

At the center of this controversy is Furniture Brands International Chairman and CEO Ralph Scozzafava, who collected more than $4.8 million, including $2 million in bonuses. Other notable benefactors include William Holliman of Lane Furniture and Jeff Cook of Broyhill.

Furniture Brands International has firmly defended their decision to award the bonuses to the execs, citing contractual agreements set three years ago for their performance based inscentives.

The investment community, as well as current and former FBI employees are appalled at the payout. Amidst the chaos of reorganization and massive downsizing, Furniture Brands International has greatly reduced their product offering and their production capability. The staggering manufacturing and rep layoffs were done in the interest of streamlining, yet reclaimed less cash for the company in the short term than the executive bonuses cost. We'll keep you up to date with the latest industry news.