A raise and a bonus on the way out the door…

September 28, 2004

Toys R Us (TOY), which last month announced that it was considering getting out of the toy business to focus on the baby business is giving one of its top executives a 10% raise on her way out the door. In a filing last week, the company said that Francesca Brockett, formerly executive vice president for strategic planning, would be leaving the company on Feb. 1, 2005. Between now and then — the contract was signed last week — Brockett will be overseeing the company’s strategic review. In addition to the raise, Brockett’s full bonus for 2004 is guaranteed and if she stays through Feb. 1, she’ll also receive a $300,000 retention bonus. How much was Brockett making? Hard to say. She’s apparently not high enough on the corporate totem pole for the company to disclose it in its proxy. One clue, however, comes from the extension clause, which says that if Brockett works beyound Feb. 1, she’ll be paid $60,000 a month.

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