26 May 2009

Greed and C-levels

Over at footnoted, we find that:

"Yahoo (YHOO) put out this 8K that noted that outgoing CFO Blake Jorgensen would get $1.8 million in severance. What’s odd here is that while Jorgensen’s planned departure was announced back in February and while the 8-K had some details of the payments, the actual separation agreement was MIA."


"former BlackRock (BLK) and Lehman executive Ralph Schlosstein would be taking over as president and CEO from Roger C. Altman. Left out of the press release and all of the coverage that I saw (including this WSJ article) was the $6.1 million signing bonus that Schlosstein will get under the employment agreement filed with the 8-K."


"At Hampton Roads Bankshares (HMPR), a company we footnoted back in January for its taxpayer-financed signing bonuses (one of the recipients — D. Ben Berry — took off almost as soon as the check cleared), there was this agreement for outgoing CEO Jack Gibson. Among his goodies is a $1.3 million payment for consulting and continued reimbursement for his membership at the Greenbrier Country Club."

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Brad Evans