Retiring again…

October 19, 2005

Earlier this year, the SEC reached an agreement with dollar store chain Dollar General (DG) over questionable accounting back in 2000 and 2001. Under the agreement, the company forked over $10 million and former CEO and Chairman Cal Turner Jr. anted up $1 million.

Fast forward six months and Turner, who stepped down as CEO in November 2002 and stepped down as Chairman in June 2003, is now retiring again — this time as an “employee advisor” to the company (whatever that means) — for which he made $275K last year and received another $113K in various perks. Now, Dollar’s board has found an even less strenuous position for Turner: chairman emeritus. To mark the passage, Turner will receive a $1 million send-off, tickets for the next five years to the Tennessee Titans, $100K to cover legal and financial expenses, a 2004 Audi, and (of course) tax gross-ups on the booty according to an 8-K filed late yesterday.

While the company did announce Turner’s latest retirement yesterday, they conveniently left out the details of his send-off. Needless to say, there was also no mention of the SEC fines (which happen to equal the exact amount of the cash portion of Turner’s retirement). Meanwhile, Dollar’s stock, which did so well for years, has been essentially flat since mid-2003.

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