Make us your home page
Instagram

Outback Steakhouse execs pile on pay

TAMPA — Saddle the company with debt. Go from a profit to a loss. Get a fat raise.

That's the story for executives at OSI Restaurant Partners, the Tampa owner of Outback Steakhouse, Bonefish Grill and Carrabba's Italian Grill, among other chains.

Last year, the company brokered a $3.2-billion deal to go private and shield its struggling restaurants from a drubbing on Wall Street. High interest payments on debt from that deal, combined with declining sales and higher operating costs, led to a $64.4-million loss in 2007 on revenue of $4.2-billion, compared with a $100.1-million profit in 2006 on revenue of $3.9-billion, according to a May 9 filing with the Securities and Exchange Commission.

In that same period, compensation for the company's four top earners surged from $9.2-million to more than $43-million, including $14.4-million in restricted stock.

Paul E. Avery, 48, chief operating officer, earned the largest gain, as his compensation leapt from $1.7-million to $16.2-million. Pay for Bill Allen, 48, chief executive officer, climbed from $4.9-million to $18.3-million. Dirk A. Montgomery, 45, chief financial officer, earned a $2-million raise from 2006 pay of $1.2-million. Joseph J. Kadow, 51, executive vice president, went from $1.4-million to $5.5-million.

Outback Steakhouse execs pile on pay 05/26/08 [Last modified: Monday, June 2, 2008 2:50pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Trigaux: Amid a record turnout, regional technology group spotlights successes, desire to do more

    Business

    ST. PETERSBURG — They came. They saw. They celebrated Tampa Bay's tech momentum.

    A record turnout event by the Tampa Bay Technology Forum, held May 24 at the Mahaffey Theater in St. Petersburg, featured a panel of area tech executives talking about the challenges encountered during their respective mergers and acquisitions. Show, from left to right, are: Gerard Purcell, senior vice president of global IT integration at Tech Data Corp.; John Kuemmel, chief information officer at Triad Retail Media, and Chris Cate, chief operating officer at Valpak. [Robert Trigaux, Times]
  2. Take 2: Some fear Tampa Bay Next transportation plan is TBX redux

    Transportation

    TAMPA — For many, Wednesday's regional transportation meeting was a dose of deja vu.

    The Florida Department of Transportation on Monday announced that it was renaming its controversial Tampa Bay Express plan, also known as TBX. The plan will now be known as Tampa Bay Next, or TBN. But the plan remains the same: spend $60 billion to add 90 miles of toll roads to bay area interstates that are currently free of tolls. [Florida Department of Transportation]
  3. Palm Harbor boat dealer facing litany of complaints of bad deals

    Business

    PALM HARBOR — With an aging father sick in the hospital and a son just graduating high school, Andrew Kashella, in between jobs, knew what he had to do.

    A sign on a front window of Gulf Coast Boat Sales, 37517 Us Highway 19 N, in Palm Harbor, notifies people they are under restructuring  The Pinellas County Sheriff's Office has received 20 complaints against Gulf Coast Boat Sales in Palm Harbor. Complainants say they sold the shop their boats and never got paid and/or paid for boats they never received. Pinellas County Consumer Protection is leading the investigation.
  4. To catch a poacher: Florida wildlife officers set up undercover gator farm sting

    Wildlife

    To catch a ring of poachers who targeted Florida's million-dollar alligator farming industry, state wildlife officers created the ultimate undercover operation.

    To catch a ring of poachers who targeted Florida's million-dollar alligator farming industry, the Florida Fish and Wildlife Conservation Commission set up an undercover operation. They created their own alligator farm, complete with plenty of real, live alligators, watched over by real, live undercover wildlife officers. It also had hidden video cameras to record everything that happened. That was two years ago, and on Wednesday wildlife officers announced that they arrested nine people on  44 felony charges alleging they broke wildlife laws governing alligator harvesting, transporting eggs and hatchlings across state lines, dealing in stolen property, falsifying records, racketeering and conspiracy. The wildlife commission released these photos of alligators, eggs and hatchlings taken during the undercover operation. [Courtesy of Florida Fish and Wildlife Conservation Commission]
  5. CBO analysis: 23 million would lose health coverage under House-passed bill

    National

    WASHINGTON — The Republican health care bill that passed the House earlier this month would nearly double the number of Americans without health insurance over the next decade, according to a new analysis by the nonpartisan Congressional Budget Office.

    Demonstrators protests the passage of a House Republican health care bill, outside the the Capitol in Washington, on May 4. The House took the unusual step of voting on the American Health Care Act before the Congressional Budget Office could assess it. That analysis was released Thursday and it showed the bill would cause 23 million fewer people to have health insurance by 2026. Many additional consumers would see skimpier health coverage and higher deductibles, the budget office projected.