Something to look forward to…

December 23, 2004

Arvin Meritor (ARM) has given two of its senior executives something to look forward to in a few years: hefty retention bonuses, provided they continue to work at the company for the next 2-3 years. Senior Vice President Juan De La Riva, whose salary is $500K a year, will be able to collect a $750K bonus if he sticks around until Sept. 2006. If he stays until Sept. 2007, the bonus climbs to $1 million. Senior Vice President Thomas Gossnell, who made $374,000 in fiscal 2003, but whose salary was raised to $500K on Oct. 1 — a 25% increase — will also collect the same retention bonus, provided he stays, according to an 8-K the company filed yesterday. That’s in addition to whatever salary, regular bonus, and perks the two men receive between now and then. But what’s particularly interesting here is that even if the two executives die, they — well, their families — will still be able to collect the retention bonus.

Leave a Reply

You must be logged in to post a comment.