Tops Markets drops controversial plan that would pay executives millions in bonuses

WKBW Staff
12:25 PM, Jun 4, 2018
2:15 PM, Jun 4, 2018
lancaster | buffalo | tops | tops markets | grocery

Tops Markets drops controversial plan that would pay executives millions in bonuses

WKBW Staff
Copyright 2018 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

AMHERST, N.Y. (WKBW) - The Buffalo News is reporting that Tops Markets will drop a controversial plan that would reward its highest ranking executives with up to $3.6 million in bonuses. 

According to the Buffalo News, under the plan, Chairman and CEO Frank Curci would have been paid as much as $1.3 million in bonuses if Tops exceeded its financial targets in bankruptcy. Instead, the newspaper is reporting that money will be used to help fund a new retirement fund that will be established for warehouse workers in Lancaster.

Last week, about 600 warehouse workers for Tops in Lancaster met to discuss a pension agreement where they would no longer be able to participate in the Teamsters Pension Fund going forward. Instead, workers would get a one-time payment that averaged around $25,000 into a retirement account.

 

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Copyright 2018 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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