Going nuclear…

November 23, 2004

USEC Inc. (USU), which sells low-grade enriched uranium announced last week that general counsel Timothy Hansen was leaving the company to pursue a career as a public prosecutor. But Hansen, 40, will be leaving for public service with quite a nest egg.

Omitted from the press release were the terms of Hansen’s severance agreement, which will pay him $1.2 million — more than four times his 2003 salary of $244,280 — and provide him with benefits for the next two years. It’s not clear from USEC’s other filings why they’re forking over the money since the company has not disclosed an employment agreement — the type that would require them to pay him a huge chunk of money for stepping down — with Hansen in the past.

Equally ironic is that in the press release, the company cited Hansen’s “leadership in corporate governance.” Call me a cynic, but handing out that kind of money doesn’t exactly fit my definition of good corporate governance.

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