A response to my Executive Perks article was forwarded to me by the PR firm for Source Interlink (SORC). Here is their response:
[Information about] Source Interlink was based on information that was in recent SEC filings (specifically, the company’s proxy statement filed 02/21/07). We certainly are not disputing the facts of the column, nor challenging the references to Source. However, we do believe this is an instance where events have overtaken what’s in the historical record. The corporate perks Seeking Alpha referenced for Source were put in place by the company’s former leadership, but new management, named in mid-November of 2006, has taken a dramatically different approach to perks.
Source’s new management is, in fact, focused on expense reductions, which it stressed in its third quarter fiscal 2007 earnings release and conference call on 12/11/06. That’s an important reason the perks cited in the recent proxy statement are listed as “historical” – they’ve by and large been eliminated.
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