Post by
mrmoribund on Apr 07, 2023 4:39pm
Interesting stats
Worth noting that Andrew Parolin (Wilan CEO) and Stephen Thompson (Wilan CFO) received about 93% and 96% respectively of their target bonuses re 2022 (MD&A page 23). It looks like most of that was due to the big revenue boost from the Apple settlement--which is a bit odd in the case of Parolin given that he was not Wilan CEO at the time.
Regardless, they both also received $10,000 discretionary bonuses. So the board clearly thought that they both performed at an excellent level.
So here's the curious thing. If someone were to look at Quarterhill for the first time, focusing only on the numbers (rather than the commentary) they could be forgiven for supposing that Quarterhill was planning to keep Wilan and divest the ITS businesses.
Not for a moment am I suggesting that they should. I just want to draw attention to how unusual this situation is. The general M&A rule of thumb is that you keep and cultivate your winners and unload your earnings-challenged operations.
Comment by
mrmoribund on Apr 07, 2023 5:29pm
Actually that was page 23 of the Management Information Circular.
Comment by
cabbieJBJ on Apr 08, 2023 10:24am
The Wilan staff earned the bonuses - first based on the Apple result and second by hanging around while the strategic review unfolds. Additionally, Thompson filled in as QTRH's CFO. When you're trying to sell a division as a going concern, it's imperative to retain key staff. Good decisions.
Comment by
mrmoribund on Apr 08, 2023 12:00pm
I'm not suggesting for a moment that they weren't earned. Indeed, I'd hope and expect that some of those award amounts have to do with things that they've done (that we don't know about yet) that will have a bearing on results yet to come.