LSI’s CEO hearts Oregon…
When LSI (LSI) hired former Intel (INTC) executive Abhijit Y. Talwalkar as president and CEO three years ago, the package included two years of housing allowances plus an offer to cover various moving and closing costs if Talwalkar moved from Oregon to the San Jose area within two years.
When that deal expired last year, LSI’s board extended the housing allowance in this 8K and threw in a few extra goodies, including a commuting allowance for employees who lived more than 100 miles from their primary office. Talwalkar and two other employees qualified for the commuting allowance.
Yesterday, Talwalkar’s housing allowance was extended for another year according to this 8K. But yesterday’s filing had this interesting twist:
The committee decided to take these actions because based on the amount of time Mr. Talwalkar spends traveling to company and customer locations around the world, the committee did not believe it necessary for Mr. Talwalkar and his family to experience the dislocation of having to relocate to the Milpitas area. At the same time, it wanted to encourage Mr. Talwalkar to spend as much time at the company’s headquarters as he felt appropriate, without having his decisions affected by the financial impact on him of doing so.
It’s not exactly clear why three years into his employment agreement, the company is suddenly concerned with disrupting the Talwakar family. But you have to wonder if the last part of the filing, which talks about the company’s new severance policy, has something to do with this change of heart.