Ann Arbor Weather:
Wednesday October 18, 2017
Follow us: facebook twitter RSS feed
Print Comment E-mail

Tom and Russ

 

continued

"I thought I'd learn from this guy," Monaghan explained. "I listened to him talk for hours about how brilliant he is. I'd sit there and listen and listen and listen. I was a very patient man because I wanted to learn. I wanted to take the next step for the company."

"Russ deliberately created a mystique about his role," Monaghan wrote in his autobiography, "and I have to admit that I was mesmerized by it. After he'd been on the job six months, I boosted his salary to $25,000 a year [the equivalent of $127,000 today]. To show my appreciation for the outstanding performance he turned in, I bought him a used Rolls-Royce as a company car."

But being president wasn't enough for Hughes. "One Friday morning," Monaghan wrote, "he came into my office and said he had something important to discuss with me. I canceled all my appointments, and he spent the entire day and part of the night outlining his plan for a leveraged buyout of the company by himself and his friends. He said he was giving me a unique opportunity."

It was unique. Hughes and his friends wouldn't pay Monaghan anything up front. Instead, they promised to send him a check every month for the rest of his life. Monaghan asked him his plans for Domino's, and Hughes told him he'd dump the franchisees and keep only corporate stores.

Bookmark and Share
previous  ·  1 l 2 l 3 l 4 l 5 l 6 l 7  ·  next page
all on one page
read more stories here -> Marketplace  l  Culture  l  Community  l  News

You might also like:

Indian Supper
Fake Ad: September 2017
Jay Forstner
The Price of Security
Stopping truck-born terrorists raises event costs.
James Leonard
Nightspots: Guy Hollerin's
Neighborhoods - Pittsfield
County Courts
The Shur Mural Project
I Spy: August 2017
Sally Bjork
Jim Harbaugh's Challenge
After sending a record number of players to the NFL, the hyperkinetic coach rebuilds under pressure.
Craig Ross
Photo: Eclipse Party
In the Rough at the AACC
While lawyers fight over its future, a suburban golf course goes back to nature.
Cynthia Furlong Reynolds
Ugly Dog Heads Downtown
Distillery will move to Chelsea in 2018.
Shelley Daily
Arbor Hospice
Senior Living Communties 734-677-0071
A visitor's guide to Ann Arbor