Moving to Europe…

March 18, 2004

Baxter International (BAX) is paying for one of its former employees (and his family) to move “from southern California to the European location of your choice” according to a severance agreement for Thomas H. Glanzmann that was one of the exhibits at the end of the 10-K filed last week. Glanzmann resigned as president of Baxter BioScience last month. In addition to paying for the move to Europe, Baxter is also giving him $380,000 in severance. Another exhibit in the K notes that Alan Heller, who had headed up Baxter’s troubled renal business, which was blamed for numerous patient deaths in Spain, Croatia and the U.S., has also left the company. Baxter, which has settled some of the suits stemming from the deaths, but still faces others and is still being investigated by U.S. officials, paid Heller $530,000 in severance. Heller will also receive an unspecified bonus for 2003.

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