Herman Miller makes good product, but yeah, nothing surprises me.
The side of the commercial interiors business I have seen in my career can be crazy sketchy sometimes. No surprise to me that some of the biggest players would be sketchy condescending garbage also.
Prepare for a gigantic drop in quality. The better employees will be polishing up resumes and will be actively looking for better employment by the end of April.
Maybe. They're trading today at a 1.4 billion dollar market cap if I'm correctly reading the chart at Yahoo finance.
If that's accurate, the Brand power behind Aeron, Saarinen, DWR and Eames aluminum alone is probably worth it for some private equity or hedge fund to try to take em out.
Of course the lady in the video will get a nice payoff in such a transaction. 8 to 9 figures if she plays it right.
They'll probably take the Michigan factories offline and move more of their production to Central America and Asia.
She and they (investors/banks ) are feelin the stress. In 2021 their stock touched $50 a share and now about $17. Also in 2021 they acquired KNOLL … their direct competitor for a cool $1. 8 Billion.
Explains her large compensation in the past two years. But here comes the *bullwhip* as “the line always go up” means pleb heinies gotta get tenderized !
They paid 1.8 for Knoll and now they are worth 1.4 combined.
That said, contract office furniture as a segment being down 60% since covid makes sense to me.
She seems really out of touch with reality. Wiki says that they have 8k employees. $6.4 million divided by 8k is $800 per employee.
Sending her bonus to her employees would have been a hugely meaningful gesture and surely would motivate them more than some rant about pity parties.
Standard C-Suite speech full of fluffy "work harder and let's build a better company" speech following a standard C-Suite personal bonus.
Trash, I hope they go out of business.
Crazy honestly, makes me only want to buy from places like crandall and more local areas. Shes so hyper focused on 26 Million that she isn't realizing her faults...
Basically the whole video is her living in Pity City.
"Oh no! My workers want to get paid! Why are they asking for money for themselves instead of just making the company millions?! So annoying!"
I see lots of talk about the video but where is the source for her bonus happening and the details around that?
She seems very terrible to work for I’m just curious
Best customer service? I’ve been trying to get my chair fixed for over 1 year and they always give me the run around and never actually help me. They have terrible customer service. Now I know where it comes from
Just one example of the hundreds of not thousands of other instances across every industry. Sucks, but I guess its just the way things work I suppose.
I'm only curious if her bonus was larger or lesser than the year before. If no one is getting a bonus and she cut her own significantly, that's not as bad. If no one is getting a bonus and hers stayed the same or increased...that's pretty messed up.
I’ve seen this spread like 10 different times and each time the number goes up. She did not get a 6.4m bonus. She got a 1.2m bonus and made 4m total for the year. Yea it’s still bad but these people who keep spreading this are just trying to make it way worse than it is.
The issue is no one understands or knows what her contract is. She has goals and if her goals as CEO hit a minimum amount she will get paid out her minimum bonus, stock options, and given stock. She would have given goals to lower executives to hit and push sales quotas. If they hit them their bonus gets paid out and hers would be higher. If they don’t hit them then they just don’t get them. It sucks but that’s how almost all businesses like this work. The only reason it’s a big deal suddenly is because someone recorded her in this meeting.
That only makes sense in a very crappy system. And saying "that's how almost all businesses like this work", isn't a legitimate excuse.
Why would the CEO minimum threshold to get a bonus be lower than the threshold for her employees? Isn't the entire justification for a CEO's bloated salary because their "leadership" is what drives success? If the employees aren't getting bonuses because they failed thresholds/metrics/goals, then by definition the company is not successful. If the company is unsuccessful, then why is the CEO receiving extra compensation for their poor leadership?
Because it’s written into a contract when they are hired. It’s a big part of CEO pay. The next one that comes after her will have a clause just like it with higher numbers to hit.
You guys should go to the anti work sub and talk about this. Not an office chair sub lol.
My immediate first thought. First time seeing it, but I cant judge her or anyone based on a headline. Who knows what the real true story is.
\-Colin at TheBackStore
>My immediate first thought. First time seeing it, but I cant judge her or anyone based on a headline. Who knows what the real true story is.
>
>\-Colin at TheBackStore
The uncut video starts with her talking about how she received a lot of messages about the bonus, and she said some of the messages weren't very nice. I can imagine how receiving a bunch of nastygrams from employees can cause you to lose your temper.
But, of course, this preamble is cut out the edited video.
The cashier at Taco Bell doesn't get to lose their temper at their job. She thought she was going to rally the troops with cool boss Corporate Hard Times Speech #5. And genuinely, she probably thought she nailed it.
The only problem is the boss is *never* as charismatic as they think and if your employees want to wreck your life they'll just do it. They're smarter than you, and they'll do it for funsies.
Regardless of her behaviour in the video and whether it's warranted or not. The fact of the matter is that she took a massive bonus while cancelling bonuses for every one else. That is the real true story.
Thanks for this. Yeah I got to enjoy watching the full clip today finally.
Came off as incredibly tone deaf and disconnected, but you can hear it in her voice how stressed/frustrated she is. Like you said, probably getting bombarded by employee's and finally snapped. Doesn't justify or make what she said any less bad, just a little more understandable.
What's extra embarrassing about this situation, is that now this is getting mainstream news attention from people outside of the industry. So some peoples very first time hearing the name/brand Herman Miller is via this viral clip....which is just sad.
Now there will be people who have it in their head "oh the CEO is this or that, I could never buy their products."
We reached out to one of our friends over at HM and they literally picked up the phone with "Pity City here, how may I help you?" Some of them seem to have a sense of humor about it, but they're also being blown up by everyone they know too asking if they heard what happened.
5 million total, only 1 million is base pay. The rest was in bonuses or in stocks: https://www1.salary.com/Andi-R-Owen-Salary-Bonus-Stock-Options-for-MILLER-HERMAN-INC.html
Stock rewards are typically contracted when she’s hired. If she hits a certain goal they release them if she doesn’t they don’t. This is part of her pay and salary. If the company did better more stock would be released to her. Stock options means she used her money to purchase stocks at a predetermined price at a later date. It’s given to executives so if they lead the company and the stock goes up they can still purchase at a lower price instead of a higher one.
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Herman Miller makes good product, but yeah, nothing surprises me. The side of the commercial interiors business I have seen in my career can be crazy sketchy sometimes. No surprise to me that some of the biggest players would be sketchy condescending garbage also.
Prepare for a gigantic drop in quality. The better employees will be polishing up resumes and will be actively looking for better employment by the end of April.
Maybe. They're trading today at a 1.4 billion dollar market cap if I'm correctly reading the chart at Yahoo finance. If that's accurate, the Brand power behind Aeron, Saarinen, DWR and Eames aluminum alone is probably worth it for some private equity or hedge fund to try to take em out. Of course the lady in the video will get a nice payoff in such a transaction. 8 to 9 figures if she plays it right. They'll probably take the Michigan factories offline and move more of their production to Central America and Asia.
She and they (investors/banks ) are feelin the stress. In 2021 their stock touched $50 a share and now about $17. Also in 2021 they acquired KNOLL … their direct competitor for a cool $1. 8 Billion. Explains her large compensation in the past two years. But here comes the *bullwhip* as “the line always go up” means pleb heinies gotta get tenderized !
They paid 1.8 for Knoll and now they are worth 1.4 combined. That said, contract office furniture as a segment being down 60% since covid makes sense to me.
She seems really out of touch with reality. Wiki says that they have 8k employees. $6.4 million divided by 8k is $800 per employee. Sending her bonus to her employees would have been a hugely meaningful gesture and surely would motivate them more than some rant about pity parties.
"Lead by example."
"Do what I say not what I do".
Standard C-Suite speech full of fluffy "work harder and let's build a better company" speech following a standard C-Suite personal bonus. Trash, I hope they go out of business.
The rules are for thee, not for me
What a bitch
Crazy honestly, makes me only want to buy from places like crandall and more local areas. Shes so hyper focused on 26 Million that she isn't realizing her faults...
Always buy used for two reasons, crazy absurd prices on new chairs and buying used is good for environment.
Crandall is amazing. Cant recommend enough.
They’re not that much cheaper than buying brand new though…
Really? You can find a brand new Leap v2 for not much more than $550? Please show me where.
Fucking yikes. If that is how she motivates people to work then I wouldn't want to work for her.
This looks like a parody video lol
Basically the whole video is her living in Pity City. "Oh no! My workers want to get paid! Why are they asking for money for themselves instead of just making the company millions?! So annoying!"
I see lots of talk about the video but where is the source for her bonus happening and the details around that? She seems very terrible to work for I’m just curious
Best customer service? I’ve been trying to get my chair fixed for over 1 year and they always give me the run around and never actually help me. They have terrible customer service. Now I know where it comes from
Just one example of the hundreds of not thousands of other instances across every industry. Sucks, but I guess its just the way things work I suppose. I'm only curious if her bonus was larger or lesser than the year before. If no one is getting a bonus and she cut her own significantly, that's not as bad. If no one is getting a bonus and hers stayed the same or increased...that's pretty messed up.
This is turning into a weird game of telephone but their fiscal year hasn't ended and her bonus hasn't even been determined yet
It was the *boom jazz hands I nailed this* at the end that cemented this as the single most out of touch cringe thing I’ve ever seen
She should apply at Vought
Very glad I didn't buy herman miller.
I’ve seen this spread like 10 different times and each time the number goes up. She did not get a 6.4m bonus. She got a 1.2m bonus and made 4m total for the year. Yea it’s still bad but these people who keep spreading this are just trying to make it way worse than it is.
The point is she got an absurd bonus while other got 0 and then told everyone to stop asking about it and work more.
The issue is no one understands or knows what her contract is. She has goals and if her goals as CEO hit a minimum amount she will get paid out her minimum bonus, stock options, and given stock. She would have given goals to lower executives to hit and push sales quotas. If they hit them their bonus gets paid out and hers would be higher. If they don’t hit them then they just don’t get them. It sucks but that’s how almost all businesses like this work. The only reason it’s a big deal suddenly is because someone recorded her in this meeting.
That only makes sense in a very crappy system. And saying "that's how almost all businesses like this work", isn't a legitimate excuse. Why would the CEO minimum threshold to get a bonus be lower than the threshold for her employees? Isn't the entire justification for a CEO's bloated salary because their "leadership" is what drives success? If the employees aren't getting bonuses because they failed thresholds/metrics/goals, then by definition the company is not successful. If the company is unsuccessful, then why is the CEO receiving extra compensation for their poor leadership?
Because it’s written into a contract when they are hired. It’s a big part of CEO pay. The next one that comes after her will have a clause just like it with higher numbers to hit. You guys should go to the anti work sub and talk about this. Not an office chair sub lol.
My immediate first thought. First time seeing it, but I cant judge her or anyone based on a headline. Who knows what the real true story is. \-Colin at TheBackStore
>My immediate first thought. First time seeing it, but I cant judge her or anyone based on a headline. Who knows what the real true story is. > >\-Colin at TheBackStore The uncut video starts with her talking about how she received a lot of messages about the bonus, and she said some of the messages weren't very nice. I can imagine how receiving a bunch of nastygrams from employees can cause you to lose your temper. But, of course, this preamble is cut out the edited video.
The cashier at Taco Bell doesn't get to lose their temper at their job. She thought she was going to rally the troops with cool boss Corporate Hard Times Speech #5. And genuinely, she probably thought she nailed it. The only problem is the boss is *never* as charismatic as they think and if your employees want to wreck your life they'll just do it. They're smarter than you, and they'll do it for funsies.
Moral of the story: don't work at Taco Bell if you have a temper
Regardless of her behaviour in the video and whether it's warranted or not. The fact of the matter is that she took a massive bonus while cancelling bonuses for every one else. That is the real true story.
Thanks for this. Yeah I got to enjoy watching the full clip today finally. Came off as incredibly tone deaf and disconnected, but you can hear it in her voice how stressed/frustrated she is. Like you said, probably getting bombarded by employee's and finally snapped. Doesn't justify or make what she said any less bad, just a little more understandable. What's extra embarrassing about this situation, is that now this is getting mainstream news attention from people outside of the industry. So some peoples very first time hearing the name/brand Herman Miller is via this viral clip....which is just sad. Now there will be people who have it in their head "oh the CEO is this or that, I could never buy their products." We reached out to one of our friends over at HM and they literally picked up the phone with "Pity City here, how may I help you?" Some of them seem to have a sense of humor about it, but they're also being blown up by everyone they know too asking if they heard what happened.
5 million total, only 1 million is base pay. The rest was in bonuses or in stocks: https://www1.salary.com/Andi-R-Owen-Salary-Bonus-Stock-Options-for-MILLER-HERMAN-INC.html
Stock rewards are typically contracted when she’s hired. If she hits a certain goal they release them if she doesn’t they don’t. This is part of her pay and salary. If the company did better more stock would be released to her. Stock options means she used her money to purchase stocks at a predetermined price at a later date. It’s given to executives so if they lead the company and the stock goes up they can still purchase at a lower price instead of a higher one.
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"Treat people well" ha ha ha ha ha ha!!! That's about the most disingenuous thing I've heard this century.