Retire early and get a raise…
It’s hard to imagine what kind of advice might be worth $110K a month, but that’s exactly what investors in Brown Shoe Co. (BWS), which makes and sells Dr. Scholls as well as many other popular shoe brands, will be shelling out now that CFO Andrew Rosen has opted for early retirement. Wouldn’t you also trade in the boredom of the office for the freedom of retirement, especially if it meant a hefty salary increase? In this exhibit to an 8-K filed on Tuesday, that’s exactly what Brown Shoe is disclosing.
Sometime between now and early February, Rosen, 55, will step down as CFO, during which he’ll continue to collect his regular salary of $9,600 a week. But after Feb. 3, Rosen will start receiving $110K a month — a three-fold increase over his current salary — for the next two years. To be fair, Rosen has been at Brown for a long time and the company’s stock has performed well during his tenure as CFO. But it’s still hard to imagine what kind of advice would be worth that kind of cash. In exchange, Rosen will be required to provide advice 100 days a year or eight days a month, though the contract clearly says that this advice doesn’t have to be rendered in person and can even be provided by telephone or letter.
Jacuzzi Brands (JJZ) which we last footnoted back in July is being acquired by Apollo Management for $1.25 billion, or $12.50 a share. Good thing that outgoing Chairman and CEO David Clarke was able to snag his pictures of his personal sailboats, not to mention full vesting of 295,000 shares of restricted stock and office space for the next two years.