Thanks, brother!

May 5, 2005

When Richard Weil left Scientific Games (SGMS), the company where his brother, A. Lorne Weil serves as chairman, president and CEO he collected some pretty impressive parting gifts. In an amended K filed earlier this week, the company provided the details for its former vice president of international development: $2.2 million in cash, full vesting of around 251,000 options and medical coverage for the next three years. That’s a substantial improvement over his salary of $273K in 2003. What’s even more surprising is that although Richard was included among the top five executives in the summary chart, Scientific Games doesn’t seem to have noted his departure last July in a press release or even in an 8-K. So if Richard wasn’t important enough to include in an 8-K, why did investors have to hand over so much money on his way out the door?

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