Tag Archives: Charter Schools USA

K12 CEO Packard: $5M in 2011, up 36%

Does your school superintendent get paid $5 million a year? Ronald J. Packard, CEO of K12 Inc., the second biggest donor to the pro-charter school amendment campaign, does. Is that where you want your tax dollars to go?

According to Bloomberg Businessweek, Executive Profile, Ronald J. Packard CFA, Founder, Chief Executive Officer and Director, K12, Inc. K12 CEO Packard made $551,539 in salary in 2011, but was awarded other compensation totaling $5,002,933. Which is even richer than the approximately $3,266,387 total compensation private prison company CCA’s CEO Damon Hininger got in 2010, which, according to Bloomberg Businessweek, apparently only went up to 3,696,798 in 2011.

According to Emma Brown for the Washington Post 9 December 2011, K12 Inc. chief executive Ron Packard paid $5 million compensation package in 2011,

That’s nearly twice the $2.67 million Packard earned in 2010. It includes $551,000 in cash, $4.2 million in stock awards and about $290,000 in other compensation.

Packard’s pay reflects a new employment agreement negotiated in September 2010 and good until 2014. The company had $522 million in revenue in 2011, up nearly 36 percent percent from the year before.

“We determined that these awards were necessary and appropriate to retain Mr. Packard as our Chief Executive Officer and in recognition of Mr. Packard’s leadership and performance over the term of his employment with the Company,” the filing said.

Do we want our tax revenue going to retain K12 Inc.’s CEO? What if we retain our local schools instead? After all, it’s dubious that charter schools would be any better Continue reading →

Class action lawsuit against second largest donor to GA charter school referendum

K12 Inc. of Virginia has a class action lawsuit against it, as well as allegations of lack of effectiveness of its courses. K12 is the second biggest contributor to the Georgia charter school referendum which would privatize Georgia’s public schools. Shades of CCA desperately offering 48 states to privatize their prisons! And we know there’s a connection: ALEC helps push both private prisons and privatization of public schools. We didn’t fall for ALEC’s privatized prisons: let’s not fall for ALEC’s privatized schools.

Emma Brown wrote for the Washington Post 31 January 2012, Shareholder lawsuit accuses K12 Inc. of misleading investors,

A shareholder in Virginia-based K12 Inc. has filed a lawsuit against K12 Inc. CEO and Founder Ronald J. Packard, named in class action lawsuit the virtual-schools operator in federal court, alleging that the firm violated securities law by making false statements to investors about students’ poor performance on standardized tests.

The class-action complaint, filed Monday in U.S. District Court in Alexandria, also accuses K12 of boosting its enrollment and revenues through “deceptive recruiting” practices.

Herndon-based K12 is the country’s largest operator of full-time public virtual schools, a growing sector in which students as young as five learn at home via computer.

The lawsuit comes after a spate of national news stories — including in The Washington Post — raised questions about the effectiveness of virtual schools, K12’s in particular. The firm’s stock has since plummeted.

There’s more in the article, and in the actual Harry T. Hawks, K12 Inc. executive vice president and chief financial officer, named in class action lawsuit Class action suit against K12 Inc. Named in the suit are Ronald J. Packard (K12 Inc’s CEO and Founder) and Harry T. Hawks, executive vice president and chief financial officer, both pictured here.

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