500 Aquila employees axed to pay for executive bonuses
In April Aquila Incorporated (formerly known as UtiliCorp United Inc.) announced plans to fire 500 employees, saving $35 million a year, a month after giving five top executives $30 million in bonuses.
A senior vice president said the incentive pay was crucial because it awarded performance that was excellent at Aquila last year. Aquila’s stock finished lower at the end of 2001 than it was at the beginning.
Full story from KansasCity.com
