I can’t speak for aus at all. But in Us the main driver in increase to food prices is increased labor costs post Covid. Whether it’s...
I can’t speak for aus at all. But in Us the main driver in increase to food prices is increased labor costs post Covid. Whether it’s the grocery store, the slaughterhouse, restaurants, or wholesale food suppliers the regular people are paid significantly more. Like 20-40 percent.
Are you trying to tell us unskilled labour salaries in food industries have increased 20-40% since 2021?
I'm sure the people in those industries would have a few things to say about that.
Edit: and I've made a faulty assumption here in that the totality of the increase in consumer prices is attributable to labour cost increases.
Not to make Aus affordability completely take over, but living in Melbourne seemed to be cheaper than living than living or buying a home than any...
Not to make Aus affordability completely take over, but living in Melbourne seemed to be cheaper than living than living or buying a home than any major city in Canada. Minimum wage also seems to be $26+ for full time or $35 an hour for causal which is $10+ more than the average min wage in Canada, and almost $20+ an hour than the US federal min wage. Canada also has an higher income tax for lower income brackets. So me working as a mech in Australia, someone likely make 30k more as a base level mechanic and have more usable income than a mech in any province in Canada making 19$ an hour as a starting role.
Food was the same price as Canada in Victoria at least, not sure about elsewhere and again, rent or house pricing in Victoria was at least 10-20% less than western Canada.
I also don't want to bash this subject, but can agree with this being an Australian that did a few years living in Vancouver working as a mech. Starting wage was a lot lower then any starting wage at a shop here in Melbourne, rent was more expensive and everything else in between. Hats off to anyone doing it in Canada, the riding is sure the best in the world in the sea to sky, no doubt about that, but life in generally hard to afford working in the bike industry there.
There ya' have it. This is corporate speak for "we fired Mike". I can only assume they read this forum and saw the scathing replies to the Marucci deal.
Are you trying to tell us unskilled labour salaries in food industries have increased 20-40% since 2021?I'm sure the people in those industries would have a...
Are you trying to tell us unskilled labour salaries in food industries have increased 20-40% since 2021?
I'm sure the people in those industries would have a few things to say about that.
Edit: and I've made a faulty assumption here in that the totality of the increase in consumer prices is attributable to labour cost increases.
BC minimum wage in June 2019 was $13.85. It is now $18.25. 31% raise.
Add in the worker shortage in 2021 and actual wages skyrocketed. We couldn’t hire labourers in construction because restaurants were paying people $25/hr plus meals to wash dishes.
There ya' have it. This is corporate speak for "we fired Mike". I can only assume they read this forum and saw the scathing replies to the Marucci deal.
Turns out loosing $400 million does have consequences.
Wonder what's next for Fox, surely they'll have to restructure some of their debt, but good luck doing that in the current bondpocalypse environment.
Are you trying to tell us unskilled labour salaries in food industries have increased 20-40% since 2021?I'm sure the people in those industries would have a...
Are you trying to tell us unskilled labour salaries in food industries have increased 20-40% since 2021?
I'm sure the people in those industries would have a few things to say about that.
Edit: and I've made a faulty assumption here in that the totality of the increase in consumer prices is attributable to labour cost increases.
BC minimum wage in June 2019 was $13.85. It is now $18.25. 31% raise. Add in the worker shortage in 2021 and actual wages skyrocketed. We couldn’t...
BC minimum wage in June 2019 was $13.85. It is now $18.25. 31% raise.
Add in the worker shortage in 2021 and actual wages skyrocketed. We couldn’t hire labourers in construction because restaurants were paying people $25/hr plus meals to wash dishes.
For context minimum wage here in QLD Aus is $26.44
Are you trying to tell us unskilled labour salaries in food industries have increased 20-40% since 2021?I'm sure the people in those industries would have a...
Are you trying to tell us unskilled labour salaries in food industries have increased 20-40% since 2021?
I'm sure the people in those industries would have a few things to say about that.
Edit: and I've made a faulty assumption here in that the totality of the increase in consumer prices is attributable to labour cost increases.
BC minimum wage in June 2019 was $13.85. It is now $18.25. 31% raise. Add in the worker shortage in 2021 and actual wages skyrocketed. We couldn’t...
BC minimum wage in June 2019 was $13.85. It is now $18.25. 31% raise.
Add in the worker shortage in 2021 and actual wages skyrocketed. We couldn’t hire labourers in construction because restaurants were paying people $25/hr plus meals to wash dishes.
There ya' have it. This is corporate speak for "we fired Mike". I can only assume they read this forum and saw the scathing replies to the Marucci deal.
Turns out loosing $400 million does have consequences.Wonder what's next for Fox, surely they'll have to restructure some of their debt, but good luck doing that...
Turns out loosing $400 million does have consequences.
Wonder what's next for Fox, surely they'll have to restructure some of their debt, but good luck doing that in the current bondpocalypse environment.
Nah. He'll be getting a big severance check and in about 18 months time he'll be hired by another big company and the press release will praise the great work he did at previous companies like Fox. Zero consequences for him, potentially catastrophic for the regular employees. Big money CEOs are the parasite class.
I'll just leave this here as my best guess as to Mike's total comp while he had the reigns of FOXF. It totals to about $45M not including severence. I'm making some big assumptions around how I "counted" the stock based comp from a $ perspective - using the fair value when granted method (SEC's preferred method)
EDIT: did more digging into form 4s and whatnot; looks like his realized comp was closer to $20-22M, all in. Had he sold his stock when he got it, it'd be closer to that original $45M - but he didn't. He saw like $12.8M in salary+bonus, $5.5M in proceeds from stock sales and holds another $3M. Hardly chump change, and again we don't know severance but this is the part of leading a company lower - your comp also goes lower.
I'll just leave this here as my best guess as to Mike's total comp while he had the reigns of FOXF. It totals to about $45M...
I'll just leave this here as my best guess as to Mike's total comp while he had the reigns of FOXF. It totals to about $45M not including severence. I'm making some big assumptions around how I "counted" the stock based comp from a $ perspective - using the fair value when granted method (SEC's preferred method)
EDIT: did more digging into form 4s and whatnot; looks like his realized comp was closer to $20-22M, all in. Had he sold his stock when he got it, it'd be closer to that original $45M - but he didn't. He saw like $12.8M in salary+bonus, $5.5M in proceeds from stock sales and holds another $3M. Hardly chump change, and again we don't know severance but this is the part of leading a company lower - your comp also goes lower.
I'm certainly not an anarchist, but it's hard to not advocate eating the rich when this guy's makes $20M when overall he lost his company $400M
I'll just leave this here as my best guess as to Mike's total comp while he had the reigns of FOXF. It totals to about $45M...
I'll just leave this here as my best guess as to Mike's total comp while he had the reigns of FOXF. It totals to about $45M not including severence. I'm making some big assumptions around how I "counted" the stock based comp from a $ perspective - using the fair value when granted method (SEC's preferred method)
EDIT: did more digging into form 4s and whatnot; looks like his realized comp was closer to $20-22M, all in. Had he sold his stock when he got it, it'd be closer to that original $45M - but he didn't. He saw like $12.8M in salary+bonus, $5.5M in proceeds from stock sales and holds another $3M. Hardly chump change, and again we don't know severance but this is the part of leading a company lower - your comp also goes lower.
I wonder what severance was given to all the employees whose jobs he lost
I'll just leave this here as my best guess as to Mike's total comp while he had the reigns of FOXF. It totals to about $45M...
I'll just leave this here as my best guess as to Mike's total comp while he had the reigns of FOXF. It totals to about $45M not including severence. I'm making some big assumptions around how I "counted" the stock based comp from a $ perspective - using the fair value when granted method (SEC's preferred method)
EDIT: did more digging into form 4s and whatnot; looks like his realized comp was closer to $20-22M, all in. Had he sold his stock when he got it, it'd be closer to that original $45M - but he didn't. He saw like $12.8M in salary+bonus, $5.5M in proceeds from stock sales and holds another $3M. Hardly chump change, and again we don't know severance but this is the part of leading a company lower - your comp also goes lower.
I'm certainly not an anarchist, but it's hard to not advocate eating the rich when this guy's makes $20M when overall he lost his company $400M
He was CEO while $2.5B of equity value was wiped from the company’s market cap. Put differently Dennison accumulated an estimated twenty odd million in gross economic compensation and retained equity value while a shareholder who bought at the beginning of his CEO tenure lost roughly 81% of their investment.
This is probably something for a different forum (and it's not just a Fox problem) but what is the point of the board? I'm no expert in these matters but surely it's their job to reign in CEOs? Obviously not privy to the internal discussions but you can't help but wonder...
I'll just leave this here as my best guess as to Mike's total comp while he had the reigns of FOXF. It totals to about $45M...
I'll just leave this here as my best guess as to Mike's total comp while he had the reigns of FOXF. It totals to about $45M not including severence. I'm making some big assumptions around how I "counted" the stock based comp from a $ perspective - using the fair value when granted method (SEC's preferred method)
EDIT: did more digging into form 4s and whatnot; looks like his realized comp was closer to $20-22M, all in. Had he sold his stock when he got it, it'd be closer to that original $45M - but he didn't. He saw like $12.8M in salary+bonus, $5.5M in proceeds from stock sales and holds another $3M. Hardly chump change, and again we don't know severance but this is the part of leading a company lower - your comp also goes lower.
He was CEO while $2.5B of equity value was wiped from the company’s market cap. Put differently Dennison accumulated an estimated twenty odd million in gross...
He was CEO while $2.5B of equity value was wiped from the company’s market cap. Put differently Dennison accumulated an estimated twenty odd million in gross economic compensation and retained equity value while a shareholder who bought at the beginning of his CEO tenure lost roughly 81% of their investment.
Ouch.
Yeah pretty brutal when you put it that way.
But hey, after the Silicon Valley Bank's collapse it was revealed that 3 senior executives use to work at Bear Sterns, so these guys were execs at the number 1 and number 2 largest bank failures in American history, so really I have zero faith in the aptitude and hiring of executives in america. You'd think piloting the Hindenburg of finance would disqualify you, but they were allowed behind the wheel yet again.
He was CEO while $2.5B of equity value was wiped from the company’s market cap. Put differently Dennison accumulated an estimated twenty odd million in gross...
He was CEO while $2.5B of equity value was wiped from the company’s market cap. Put differently Dennison accumulated an estimated twenty odd million in gross economic compensation and retained equity value while a shareholder who bought at the beginning of his CEO tenure lost roughly 81% of their investment.
Yeah pretty brutal when you put it that way. But hey, after the Silicon Valley Bank's collapse it was revealed that 3 senior executives use to work...
Yeah pretty brutal when you put it that way.
But hey, after the Silicon Valley Bank's collapse it was revealed that 3 senior executives use to work at Bear Sterns, so these guys were execs at the number 1 and number 2 largest bank failures in American history, so really I have zero faith in the aptitude and hiring of executives in america. You'd think piloting the Hindenburg of finance would disqualify you, but they were allowed behind the wheel yet again.
What you get when you allow an industry to "self-regulate"
He was CEO while $2.5B of equity value was wiped from the company’s market cap. Put differently Dennison accumulated an estimated twenty odd million in gross...
He was CEO while $2.5B of equity value was wiped from the company’s market cap. Put differently Dennison accumulated an estimated twenty odd million in gross economic compensation and retained equity value while a shareholder who bought at the beginning of his CEO tenure lost roughly 81% of their investment.
Yeah pretty brutal when you put it that way. But hey, after the Silicon Valley Bank's collapse it was revealed that 3 senior executives use to work...
Yeah pretty brutal when you put it that way.
But hey, after the Silicon Valley Bank's collapse it was revealed that 3 senior executives use to work at Bear Sterns, so these guys were execs at the number 1 and number 2 largest bank failures in American history, so really I have zero faith in the aptitude and hiring of executives in america. You'd think piloting the Hindenburg of finance would disqualify you, but they were allowed behind the wheel yet again.
I can’t speak for aus at all. But in Us the main driver in increase to food prices is increased labor costs post Covid. Whether it’s...
I can’t speak for aus at all. But in Us the main driver in increase to food prices is increased labor costs post Covid. Whether it’s the grocery store, the slaughterhouse, restaurants, or wholesale food suppliers the regular people are paid significantly more. Like 20-40 percent.
Are you trying to tell us unskilled labour salaries in food industries have increased 20-40% since 2021?I'm sure the people in those industries would have a...
Are you trying to tell us unskilled labour salaries in food industries have increased 20-40% since 2021?
I'm sure the people in those industries would have a few things to say about that.
Edit: and I've made a faulty assumption here in that the totality of the increase in consumer prices is attributable to labour cost increases.
Sorry to be off topic,
Yeah where I live they have. I know plenty of restaurants that went from starting cooks 12-17 to starting people 17-21 for a line cook. I know plenty of 17 year olds getting paid 15 an hr and getting tip outs. I also know plenty of established line cooks who make 25+ an hr and get regular overtime. Because if an owner can charge you 65 dollars for a 20 dollar plate or 20 dollars for a 4 dollar one it doesn’t take a whole lot of business to pay the kitchen if you can keep your crew small. Especially considering kitchen management wages have not risen at remotely the same rate.
even Walmart was offering 19-20 an hr for a while. I think they are down to 17-18 but that’s a lot higher than the 12 they offered not long ago.
Ditto for almost every supermarket. And if they aren’t paying more it’s cause they have more staff and more benefits and that’s what their workers got instead during Covid negotiations.
Combine that with many adding a large amount of delivery sales and many restaurants have not been struggling to find revenue post COVID for food sales. However finding people to cook the food is strangely harder than ever.
So while my bank account is very happy with the current situation. I do also kind of miss the days when I was first starting out of working with a bunch of undocumented guys and gals even if I don’t miss the exploitation. The work itself is less fun with Americans.
Meanwhile wholesale food prices largely have returned to pre Covid prices barring the occasional shortage and regular amount of inflation. Beef being one main exception (though again retail is inflated beyond wholesale) and a current rise due to gas prices.
So in my lifetime you have paid more because owners could no longer easily exploit undocumented immigrants and then because Covid and and a lack of Americans who want to be a serious professional cook. And since the customers keep showing up and paying higher and higher prices or paying even more for someone to pick it up and bring it to them owners are plenty happy to pay me and others more.
TLDR
Yeah entry level level and professional level in food service are paid way more. As long as you are producing the product. Management has not seen the same increase in wages. Though they have more benefits and slightly less time commitment in general. I’ve been in the food industry for my primary work for 20 years.
some avinox curiousity. canyon just launched their first bike with it (and 3 more by jan 19). pre-order only with "shipping on jan 19, expected delivery in february." i checked the amflow site and noticed their PX doesn't ship until mid december. when we did our reviews, shipping dates were early october IIRC. now they're december. canyon isn't until january. is anyone aware if recent batches of amflows have been shipped?
if bikes haven't gone out, why do we think there are so many delays? i'm not trying to be conspiratorial, but are manufacturing/shipping costs not worth it right now, so they're just waiting it out? does anyone have any insight into other avinox bikes and their actual availability?
i find these delays really interesting and i'd be bummed if i was a consumer who ordered months ago.
Take this with a dose of skepticism, but I was in a high end bike shop in Beijing a few weeks ago and the owner mentioned he sells about 12-15 Avinox bikes per month locally, he also heard Avinox was aiming to sell 30K motors per month to their partner brands. No idea if that's accurate or not, but that seems like a pretty big number. Even if they are filling orders on time, there are so many other moving pieces needed to get a complete bike assembled and out the door that it's not hard to imagine they are experiencing delays, as are their partner brands within their own supply chains.
Someone already mentioned shipping and steel prices going up, but aluminum prices, too, keep rising and that's also causing delays. We're used to getting raw materials delivered in a couple days, but several times the aluminum vendors have been 'out of stock' when they expect the price to jump again so they can take advantage. Spread this over multiple factories with everyone having their production schedule disrupted and the delays just compound. We can usually expect production lead times of 45 - 60 days but most recently that eventually got pushed to 90 days and another order placed in July is still in process. All it takes is one single part to be late and everything grinds to a halt.
I don't have first hand knowledge, but I've heard 3 - 5 weeks additional shipping time for anything that would otherwise have been routed through the Suez Canal. The batteries, I believe, have to ship separately through hazardous-goods cargo channels which adds another layer of logistics and potential for extended delivery time.
If the numbers are to be believed it's easy to imagine Avinox being completely overextended even in the best of times, which these most certainly are not.
This is probably something for a different forum (and it's not just a Fox problem) but what is the point of the board? I'm no expert...
This is probably something for a different forum (and it's not just a Fox problem) but what is the point of the board? I'm no expert in these matters but surely it's their job to reign in CEOs? Obviously not privy to the internal discussions but you can't help but wonder...
The old board seemed to be intent on growing via “diversifying”. They kept talking about it ever since the IPO. This acquisition likely was a CEO doing what he was hired by the board to do: grow via acquisition.
Problem was that it turned out to be a bad deal, no synergy, etc.
He was CEO while $2.5B of equity value was wiped from the company’s market cap. Put differently Dennison accumulated an estimated twenty odd million in gross...
He was CEO while $2.5B of equity value was wiped from the company’s market cap. Put differently Dennison accumulated an estimated twenty odd million in gross economic compensation and retained equity value while a shareholder who bought at the beginning of his CEO tenure lost roughly 81% of their investment.
Ouch.
It’s interesting how easy it is to quantify the losses of people who will never meaningfully be affected but it’s pretty much impossible to know how many of the thousands of laid off employees have had their lives destroyed as a result
He was CEO while $2.5B of equity value was wiped from the company’s market cap. Put differently Dennison accumulated an estimated twenty odd million in gross...
He was CEO while $2.5B of equity value was wiped from the company’s market cap. Put differently Dennison accumulated an estimated twenty odd million in gross economic compensation and retained equity value while a shareholder who bought at the beginning of his CEO tenure lost roughly 81% of their investment.
It’s interesting how easy it is to quantify the losses of people who will never meaningfully be affected but it’s pretty much impossible to know how...
It’s interesting how easy it is to quantify the losses of people who will never meaningfully be affected but it’s pretty much impossible to know how many of the thousands of laid off employees have had their lives destroyed as a result
Basically a business school professor at Cambridge argues that not only do those schools not teach what it takes to be a successful leader, but that the worldview that it instills has significant negative effects on society at large.
Thousands might be a bit much, but serval hundred have been affected for sure (until now). If Fox continues the downward spiral, then the overall number might crack the 4-digit number. Something nobody should wish for! The word "destroyed" might also be a bit too much for the bigger part of the employees that have been let go until now, as not every country is working with the same logic as the USA when it comes to social security. To me it seems like Europe and Taiwan have seen the biggest lay-off numbers recently (2-3years) and I am very confident that people that have been affected in these two locations had to change their life and career plans, but they still live a good (sometimes even better) life now. The Taiwan economy is still doing good and factories are still trying to find good people for manufacturing, as far as I am aware. In Europe one subsidiary was shut down with roughly 100 people, but most of the former employees already have a new job, several of them in the same field. For the USA this is very different indeed and I do not know by any means what is going on there in detail. For those who are still working there, going to work must be a huge challenge now due the uncertain future...mentally this must be a huge burden...every day. I feel for them. In addition: According to the careers section, there are more than 100 jobs open at various locations in the USA right now. But who will dare to start a new job at Fox under these circumstances? I would prefer not to...
I hope for all existing (and future) employees that this CEO change thing will be sort of a weird anecdote where the sentence starts with: Do you remember back then when MikeD ran the show...and all of the people around just roll their eyes and smile a wee bit...
It will be also interesting to see how this all will affect MikeD's BoD position at GoPro...
Thousands might be a bit much, but serval hundred have been affected for sure (until now). If Fox continues the downward spiral, then the overall number...
Thousands might be a bit much, but serval hundred have been affected for sure (until now). If Fox continues the downward spiral, then the overall number might crack the 4-digit number. Something nobody should wish for! The word "destroyed" might also be a bit too much for the bigger part of the employees that have been let go until now, as not every country is working with the same logic as the USA when it comes to social security. To me it seems like Europe and Taiwan have seen the biggest lay-off numbers recently (2-3years) and I am very confident that people that have been affected in these two locations had to change their life and career plans, but they still live a good (sometimes even better) life now. The Taiwan economy is still doing good and factories are still trying to find good people for manufacturing, as far as I am aware. In Europe one subsidiary was shut down with roughly 100 people, but most of the former employees already have a new job, several of them in the same field. For the USA this is very different indeed and I do not know by any means what is going on there in detail. For those who are still working there, going to work must be a huge challenge now due the uncertain future...mentally this must be a huge burden...every day. I feel for them. In addition: According to the careers section, there are more than 100 jobs open at various locations in the USA right now. But who will dare to start a new job at Fox under these circumstances? I would prefer not to...
I hope for all existing (and future) employees that this CEO change thing will be sort of a weird anecdote where the sentence starts with: Do you remember back then when MikeD ran the show...and all of the people around just roll their eyes and smile a wee bit...
It will be also interesting to see how this all will affect MikeD's BoD position at GoPro...
Thousands were laid off, impossible to know how many were deeply personally affected. Things like healthcare, education, and housing can all be tied to employment status in the U.S.—we’ll never know the true human cost of these layoffs.
SRAM have shut down socials for their SRAM Australia business today.
They’ve previously traded hard in the local support angle, and also used those local DSD staff to help with the brand despite product issues. The business was also run separately from the SRAM distributor.
You’d have to wonder what this telegraphs about their strategy. Are they consolidating socials, or consolidating business, and pushing costs back to their distributors?
I've an order in for a wild lt so I have a vested interest. My order should be here in January.i notice there is sporadic stock...
I've an order in for a wild lt so I have a vested interest. My order should be here in January.i notice there is sporadic stock littered around the UK but not a huge amount, they have the exact bike I'm getting in biketart but I'm wary of 1 losing my deposit and 2 not supplied by a "local" shop to me so potentiall issues for warranty.
I've no faith it'll be here in January though 😂
I pedaled one of these around a car park recently and the guy said it was 1 of 6 in the US. He drove hours to a shop to pick it up. 2 Amflows I know of on order at my LBS both delayed with no real delivery date in sight. Apparently some Amflows have landed in the US according to the FB group.
There ya' have it. This is corporate speak for "we fired Mike". I can only assume they read this forum and saw the scathing replies to the Marucci deal.
I think they saw that you were leaving this thread and knew there was only one thing in the world that would get you back. 😁
Eagerly awaiting the next Substack piece on Fox Fiasco
What you get when you allow an industry to "self-regulate"
The Financial Services Sector is the most regulated, taxed, and subsidized industry in the American economy, and this holds true for most modern countries. All banks are subject to interest rates set by the Fed, the government owned and run Central Bank. There are tens of thousands of pages of regulations for banks in the Federal Register.
The Financial Services Sector is the most regulated, taxed, and subsidized industry in the American economy, and this holds true for most modern countries. All banks...
The Financial Services Sector is the most regulated, taxed, and subsidized industry in the American economy, and this holds true for most modern countries. All banks are subject to interest rates set by the Fed, the government owned and run Central Bank. There are tens of thousands of pages of regulations for banks in the Federal Register.
Yes, but it is neither taxed nor regulated nearly enough.
You sound like Lance Armstrong … “I’m the most tested athlete of all time”… The financialization of the global economy is very clearly a rigged game, and the players in the game are barely, barely, barely accountable in this country.
Are you trying to tell us unskilled labour salaries in food industries have increased 20-40% since 2021?
I'm sure the people in those industries would have a few things to say about that.
Edit: and I've made a faulty assumption here in that the totality of the increase in consumer prices is attributable to labour cost increases.
I also don't want to bash this subject, but can agree with this being an Australian that did a few years living in Vancouver working as a mech. Starting wage was a lot lower then any starting wage at a shop here in Melbourne, rent was more expensive and everything else in between. Hats off to anyone doing it in Canada, the riding is sure the best in the world in the sea to sky, no doubt about that, but life in generally hard to afford working in the bike industry there.
https://finance.yahoo.com/markets/stocks/articles/fox-factory-announces-ceo-transition-121500862.html
There ya' have it. This is corporate speak for "we fired Mike". I can only assume they read this forum and saw the scathing replies to the Marucci deal.
BC minimum wage in June 2019 was $13.85. It is now $18.25. 31% raise.
Add in the worker shortage in 2021 and actual wages skyrocketed. We couldn’t hire labourers in construction because restaurants were paying people $25/hr plus meals to wash dishes.
Turns out loosing $400 million does have consequences.
Wonder what's next for Fox, surely they'll have to restructure some of their debt, but good luck doing that in the current bondpocalypse environment.
For context minimum wage here in QLD Aus is $26.44
The exchange rate calculator is telling me that $18.25 in CAD equals $17.95 in AUD, so $26.44 in QLD is A LOT more than the minimum wage in BC.
Nah. He'll be getting a big severance check and in about 18 months time he'll be hired by another big company and the press release will praise the great work he did at previous companies like Fox. Zero consequences for him, potentially catastrophic for the regular employees. Big money CEOs are the parasite class.
I'll just leave this here as my best guess as to Mike's total comp while he had the reigns of FOXF. It totals to about $45M not including severence. I'm making some big assumptions around how I "counted" the stock based comp from a $ perspective - using the fair value when granted method (SEC's preferred method)
EDIT: did more digging into form 4s and whatnot; looks like his realized comp was closer to $20-22M, all in. Had he sold his stock when he got it, it'd be closer to that original $45M - but he didn't. He saw like $12.8M in salary+bonus, $5.5M in proceeds from stock sales and holds another $3M. Hardly chump change, and again we don't know severance but this is the part of leading a company lower - your comp also goes lower.
I'm certainly not an anarchist, but it's hard to not advocate eating the rich when this guy's makes $20M when overall he lost his company $400M
I wonder what severance was given to all the employees whose jobs he lost
He was CEO while $2.5B of equity value was wiped from the company’s market cap. Put differently Dennison accumulated an estimated twenty odd million in gross economic compensation and retained equity value while a shareholder who bought at the beginning of his CEO tenure lost roughly 81% of their investment.
Ouch.
This is probably something for a different forum (and it's not just a Fox problem) but what is the point of the board? I'm no expert in these matters but surely it's their job to reign in CEOs? Obviously not privy to the internal discussions but you can't help but wonder...
Yeah pretty brutal when you put it that way.
But hey, after the Silicon Valley Bank's collapse it was revealed that 3 senior executives use to work at Bear Sterns, so these guys were execs at the number 1 and number 2 largest bank failures in American history, so really I have zero faith in the aptitude and hiring of executives in america. You'd think piloting the Hindenburg of finance would disqualify you, but they were allowed behind the wheel yet again.
What you get when you allow an industry to "self-regulate"
"We've investigated ourselves and found no wrongdoing."
Sorry to be off topic,
Yeah where I live they have. I know plenty of restaurants that went from starting cooks 12-17 to starting people 17-21 for a line cook. I know plenty of 17 year olds getting paid 15 an hr and getting tip outs. I also know plenty of established line cooks who make 25+ an hr and get regular overtime. Because if an owner can charge you 65 dollars for a 20 dollar plate or 20 dollars for a 4 dollar one it doesn’t take a whole lot of business to pay the kitchen if you can keep your crew small. Especially considering kitchen management wages have not risen at remotely the same rate.
even Walmart was offering 19-20 an hr for a while. I think they are down to 17-18 but that’s a lot higher than the 12 they offered not long ago.
Ditto for almost every supermarket. And if they aren’t paying more it’s cause they have more staff and more benefits and that’s what their workers got instead during Covid negotiations.
Combine that with many adding a large amount of delivery sales and many restaurants have not been struggling to find revenue post COVID for food sales. However finding people to cook the food is strangely harder than ever.
So while my bank account is very happy with the current situation. I do also kind of miss the days when I was first starting out of working with a bunch of undocumented guys and gals even if I don’t miss the exploitation. The work itself is less fun with Americans.
Meanwhile wholesale food prices largely have returned to pre Covid prices barring the occasional shortage and regular amount of inflation. Beef being one main exception (though again retail is inflated beyond wholesale) and a current rise due to gas prices.
So in my lifetime you have paid more because owners could no longer easily exploit undocumented immigrants and then because Covid and and a lack of Americans who want to be a serious professional cook. And since the customers keep showing up and paying higher and higher prices or paying even more for someone to pick it up and bring it to them owners are plenty happy to pay me and others more.
TLDR
Yeah entry level level and professional level in food service are paid way more. As long as you are producing the product. Management has not seen the same increase in wages. Though they have more benefits and slightly less time commitment in general. I’ve been in the food industry for my primary work for 20 years.
Take this with a dose of skepticism, but I was in a high end bike shop in Beijing a few weeks ago and the owner mentioned he sells about 12-15 Avinox bikes per month locally, he also heard Avinox was aiming to sell 30K motors per month to their partner brands. No idea if that's accurate or not, but that seems like a pretty big number. Even if they are filling orders on time, there are so many other moving pieces needed to get a complete bike assembled and out the door that it's not hard to imagine they are experiencing delays, as are their partner brands within their own supply chains.
Someone already mentioned shipping and steel prices going up, but aluminum prices, too, keep rising and that's also causing delays. We're used to getting raw materials delivered in a couple days, but several times the aluminum vendors have been 'out of stock' when they expect the price to jump again so they can take advantage. Spread this over multiple factories with everyone having their production schedule disrupted and the delays just compound. We can usually expect production lead times of 45 - 60 days but most recently that eventually got pushed to 90 days and another order placed in July is still in process. All it takes is one single part to be late and everything grinds to a halt.
I don't have first hand knowledge, but I've heard 3 - 5 weeks additional shipping time for anything that would otherwise have been routed through the Suez Canal. The batteries, I believe, have to ship separately through hazardous-goods cargo channels which adds another layer of logistics and potential for extended delivery time.
If the numbers are to be believed it's easy to imagine Avinox being completely overextended even in the best of times, which these most certainly are not.
and avinox are still only available in mtb or gravel frames so far. not one city or cargo bike. those are most likely also in several pipelines
The old board seemed to be intent on growing via “diversifying”. They kept talking about it ever since the IPO. This acquisition likely was a CEO doing what he was hired by the board to do: grow via acquisition.
Problem was that it turned out to be a bad deal, no synergy, etc.
It’s interesting how easy it is to quantify the losses of people who will never meaningfully be affected but it’s pretty much impossible to know how many of the thousands of laid off employees have had their lives destroyed as a result
I think you guys will like this piece and think it's interesting: https://www.nytimes.com/2026/10/18/opinion/business-school-mba-harvard-cornell-cambridge.html
Basically a business school professor at Cambridge argues that not only do those schools not teach what it takes to be a successful leader, but that the worldview that it instills has significant negative effects on society at large.
Thousands might be a bit much, but serval hundred have been affected for sure (until now). If Fox continues the downward spiral, then the overall number might crack the 4-digit number. Something nobody should wish for!
The word "destroyed" might also be a bit too much for the bigger part of the employees that have been let go until now, as not every country is working with the same logic as the USA when it comes to social security. To me it seems like Europe and Taiwan have seen the biggest lay-off numbers recently (2-3years) and I am very confident that people that have been affected in these two locations had to change their life and career plans, but they still live a good (sometimes even better) life now. The Taiwan economy is still doing good and factories are still trying to find good people for manufacturing, as far as I am aware. In Europe one subsidiary was shut down with roughly 100 people, but most of the former employees already have a new job, several of them in the same field.
For the USA this is very different indeed and I do not know by any means what is going on there in detail. For those who are still working there, going to work must be a huge challenge now due the uncertain future...mentally this must be a huge burden...every day. I feel for them.
In addition: According to the careers section, there are more than 100 jobs open at various locations in the USA right now. But who will dare to start a new job at Fox under these circumstances? I would prefer not to...
I hope for all existing (and future) employees that this CEO change thing will be sort of a weird anecdote where the sentence starts with: Do you remember back then when MikeD ran the show...and all of the people around just roll their eyes and smile a wee bit...
It will be also interesting to see how this all will affect MikeD's BoD position at GoPro...
Thousands were laid off, impossible to know how many were deeply personally affected. Things like healthcare, education, and housing can all be tied to employment status in the U.S.—we’ll never know the true human cost of these layoffs.
SRAM have shut down socials for their SRAM Australia business today.
They’ve previously traded hard in the local support angle, and also used those local DSD staff to help with the brand despite product issues. The business was also run separately from the SRAM distributor.
You’d have to wonder what this telegraphs about their strategy. Are they consolidating socials, or consolidating business, and pushing costs back to their distributors?
I pedaled one of these around a car park recently and the guy said it was 1 of 6 in the US. He drove hours to a shop to pick it up. 2 Amflows I know of on order at my LBS both delayed with no real delivery date in sight. Apparently some Amflows have landed in the US according to the FB group.
Local bike shop has sold several PX bikes already and says the PR's will be here before the end of the month.
I think they saw that you were leaving this thread and knew there was only one thing in the world that would get you back. 😁
Eagerly awaiting the next Substack piece on Fox Fiasco
The Financial Services Sector is the most regulated, taxed, and subsidized industry in the American economy, and this holds true for most modern countries. All banks are subject to interest rates set by the Fed, the government owned and run Central Bank. There are tens of thousands of pages of regulations for banks in the Federal Register.
Yes, but it is neither taxed nor regulated nearly enough.
You sound like Lance Armstrong … “I’m the most tested athlete of all time”… The financialization of the global economy is very clearly a rigged game, and the players in the game are barely, barely, barely accountable in this country.
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