Tag: executive exits

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Plenty of crackle, pop as Kellogg changes guard …
December 6, 2010—Pfizer (PFE) isn’t the only major company to announce the imminent departure of its chief executive: Today, Kellogg (K) said CEO David Mackay is retiring after four years, at the ripe age of 55, to be replaced by the company’s 45-year-old chief financial officer, John Bryant, on January 2. Mackay isn’t leaving empty-handed, but his […]

Retirement pay, hold the taxes, at Validus Holdings
October 26, 2010—We all learned from Benjamin Franklin that a penny saved is a penny earned,* and it’s a lesson apparently well understood by George P. Reeth, deputy chairman and president of Bermuda reinsurer Validus Holdings (VR). The company had previously disclosed, in a one-sentence 8-K on September 14, that Reeth would lay step down from those […]

Looking for savings at SUPERVALU …
October 21, 2010—SUPERVALU Inc. (SVU) announced this summer that its chief financial officer of 13 years, Pamela Knous, would step down to pursue other career interests. With a name like SUPERVALU — and with a chain named Shop ‘N’ Save, in addition to the more prosaic names like Albertson’s and Jewel-Osco — you’d expect a bargain send-off. […]

Skin-deep disclosure at Obagi Medical Products …
October 18, 2010—Companies have to disclose significant events. Apparently, however, nothing requires them to actually explain why they’re doing what they are. At first glance, Steve R. Carlson’s resignation as chief executive of Obagi Medical Products (OMPI), a Long Beach, California, maker of creams for the dermatology market, seemed a little abrupt, but otherwise unremarkable. The press […]

A big month for Chesapeake Energy …
October 15, 2010—It’s been busy over at Chesapeake Energy (CHK), the winner last year of our annual worst footnote of the year contest: Teaming up with the Chinese, losing a chief financial officer (but gaining a joint-venture president), and even winning the battle of the corporate bands. Foremost, of course, is the news that Cnooc Ltd., the […]

Full employment for lawyers at Choice Hotels …
October 12, 2010—If you’ve ever read an executive employment contract — and we’ve read hundreds — you know they can go to exhaustive lengths to detail the various ways executives might leave, and how much they’re entitled to under each scenario. But sometimes we wonder why companies bother — for example, when we read Friday’s 8-K from […]

Not bad for three years at Cigna…
September 22, 2010—Michael Woeller joined Cigna in 2007, where he’s chief information officer and executive vice-president, and will be until October 8. That’s when, Cigna tells us in an 8-K it filed Monday, Woeller will step down — with a parting gift of $2.3 million from Cigna and its shareholders. The Agreement and Release that Woeller and […]

Staying long enough at Blockbuster…
September 15, 2010—Lots of articles focus on Blockbuster’s financial challenges, but it was an executive departure memorialized in this 8-K that caught our eye. Thomas Casey, the company’s CFO, recently notified Blockbuster that he planned to leave when his employment agreement expired on September 11, 2010. Blockbuster apparently didn’t want Casey to go. In a revised proxy […]

A generous farewell from Beckman Coulter…
September 13, 2010—On September 8, biomedical testing company Beckman Coulter, Inc. (BEC) filed an 8-K to disclose the resignation of Scott Garrett, who wore numerous hats – Chairman of the Board, Chief Executive Officer, President, and Director. Garrett actually resigned two days earlier, with his resignation effective that day, which always makes us wonder when a top […]

Adding up the cost of change at Great Lakes…
September 10, 2010—We’re familiar with the corporate mathematical equation —Executive change = $, but — even so — this was an especially expensive week for the shareholders of Great Lakes Dredge & Dock Corporation (GLDD). The Oak Brook, Illinois-based company (which has a second office in Qatar) provides dredging services —to maintain and deepen shipping channels, reclaim […]