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Have you ever wondered just how much profit Wegmans earns? We could find out.

Reuters reports Wegmans is fighting a proposed Securities and Exchange Commission rule that would force companies with more than 500 shareholders to reveal its earnings. Wegmans is a privately-held company.

Excerpt:

…the older companies say the limit threatens their ability to offer stock-based compensation plans to senior managers.

“As we grow, we don’t have the ability to retain and attract the number of people we’d like because of the restriction of this rule,” said Paul Speranza, vice chairman and general counsel of Wegmans, a grocery chain based in Rochester, New York.

In an interview with Reuters, Speranza said Wegmans is “quite close” to the 500-shareholder limit.

Wegmans is using former congressman Tom Reynolds as its lobbyist.

Wegmans says its 2010 annual sales were $5.6 billion.

4 Responses to Wegmans Wants to Keep Earnings Private

  1. It’s not clear to my why it’s any of anyone else’s business.

  2. I have mixed feelings about this (yeah, I know, quelle surprise.) On the one hand, if Wegmans is privately held, then I see where their earnings really aren’t a public concern. However they bring up the counter themselves. It affects their ability to recruit senior managers. What about those prospective recruits right to know the fiscal health of the company whose overall value their compensation will be tied into. Tricky call.

  3. Tricky call – not really. It isn’t the right of prospective recruits to know that information. If they want it and can’t get it, they go elsewhere for a job. Obviously it’s not a stumbling block, since Wegmans has no problems getting quality managers.

  4. April 20, 2012 at 10:11 am Jim Webster responds:

    Nope. It’s none of my business, and none of anybody else’s. If you don’t like it, don’t shop there.

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