Life at the top…

November 5, 2003

When Mark J. O’Brien resigned as president and CEO of Pulte Homes (PHM) in July, he took home an impressive array of parting gifts. Although O’Brien,60, had worked for Pulte for 21 years, he had only been CEO since January 2001. The bounty is included in the 10-Q that Pulte filed earlier today:

–A $3.2 million bonus
–18 monthly payments of $70,833.33 (through Dec. 1, 2004)
–nearly $4 million in long-term incentive plan money
–continued medical and dental insurance for him and his wife for the next five years
–A secretary (paid by Pulte) through the end of the year
–A Lexus convertible that Pulte will transfer to O’Brien and pay for the car to be moved to Florida
–A laptop, Palm Pilot, mobile phone and other undefined electronics
–Household moving expenses for O’Brien’s move to Florida
–$15,000 in legal fees for the preparation of the severance agreement
–And last but not least, a favorable reference (hey….at least that’s free)

Leave a Reply

You must be logged in to post a comment.