Who's Filing Now?

Once again, as Wall Street waits for happy hour, we Fools wade into 8-K filings that, if the timing is to be believed, executives would rather you not read. Filings like this one from Staples (Nasdaq: SPLS  ) , which announced that director Gary Crittenden would resign his post after the board meeting scheduled for Sept. 11.

I wouldn't put that on Staples, though. Crittenden is resigning because of "job-related commitments," and he's got plenty as the new Chief Financial Officer for Citigroup (NYSE: C  ) .

Turbulence ahead
US Airways (NYSE: LCC  ) has no such excuse. Its well-publicized labor problems are, in part, due to massive pay cuts.

Now, the carrier hopes to mend fences by offering its pilots a new contract, which is summarized in this filing. US Airways says it's prepared to spend $122 million for hourly increases ranging from 3% to 17%. Management expects the average raise to be 10%.

Contract talks with pilots resumed yesterday, but investors should expect little in the way of real results. Speaking to the Pittsburgh Tribune-Review, a spokesman for the Air Line Pilots Association, which represents the carrier's 4,100 pilots, said that even if the proposal were to make its way in front of the union's membership, they'd never ratify it.

Shocking.

Prairie home companion for ConAgra
Not every filing brought bad news. Friday's 8-K from ConAgra (NYSE: CAG  ) revealed that CEO Gary Rodkin is waiving his temporary housing allowance and is on the hunt for a new home near the firm's Omaha, Neb. headquarters.

How appropriate. Rodkin is betting more than $1.8 million of his personal fortune on a restructuring and turnaround plan that has yet to bear fruit for investors.

Weird science at CSC
But my favorite filing this week comes courtesy of Computer Sciences Corp. (NYSE: CSC  ) , which is giving 62-year-old retiring chief executive Van Honeycutt what seems like a Jack Welch-sized going away present. Among the goodies:

•  A lump sum cash payment of $11.16 million payable in January of 2008.

•  A one-year consulting contract worth $500,000.

•  Life insurance coverage through 2009.

•  Health-care coverage through 2009.

•  Personal security services through 2009.

•  Office space, phone service, tech support, and secretarial support through 2009.

And did I mention that he's already retired? His last day as CEO was May 21, though he'll remain chairman of CSC's board till July 30.

I'm not sure I'd be OK with spending this much shareholder money for any retiring executive short of Warren Buffett, but I'd be more OK with what Honeycutt is walking away with if he had a history of delivering for shareholders. He does not.

Since 1995, when Honeycutt took the reins as CEO, Computer Sciences has underperformed the S&P 500. Ouch.

Business performance hasn't been all that stellar, either. Consider return on capital (ROC). CSC earned an 11.5% return on capital in Honeycutt's debut season but would eclipse that total only once in the remaining 12 years of his tenure (in 1998). Today, ROC sits at 7.9%. Not exactly a record worth honoring, is it?

Think you've found a late filing we Fools should see? Let me know.

Fool contributor Tim Beyers, who is ranked 4,160 out of more than 29,500 in our Motley Fool CAPS investor intelligence database, usually favors two scoops of ice cream over the inside scoop. Tim didn't own shares in any of the companies mentioned in this article at the time of publication. Tim's portfolio holdings can be found at his Fool profile. His thoughts on SEC filings, Foolishness, and investing in general may be found in his blog. The Motley Fool's disclosure policy may be filed under "F" for fair, or Foolish.


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