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Shown the door and given a raise…

When C. Michael Gray resigned as CEO of Performance Food Group (PFGC) in March, the company stressed that it had nothing to do with a settlement the Richmond-based food distribution company had reached with the SEC three weeks earlier. Perhaps that’s why the company saw fit to give Gray,54, a raise as they sent him on his merry way. Beginning on Saturday and continuing for the next 30 months, Gray will receive $75,000 a month from his former employer. That’s about 63% more than he was making as CEO, a job he has held since 2001. In exchange, Gray is required to provide 20 hours of consulting services a month via the telephone, email or fax, the severance agreement in the Q filed yesterday notes, or some other way that doesn’t inconvenience Gray. The agreement goes on to say “to the extent that you actually perform consulting services” as opposed, presumably to just answering the phone or email, the company will pay Gray an additional $500 an hour.