The severance Mercedes…
Footnoted regulars know that we’re always looking for those odd parting gifts, like furniture or plane tickets or even a plane. So perhaps a 2005 Mercedes Benz 430S, like the one spelled out in the severance agreement for Hanmi Financial (HAFC) President and CEO Dr. Sung Won Sohn isn’t that unusual. Hamni is a Los Angeles-based bank that focuses on the Korean community, primarily in Southern California.
And, since former executives now have plenty of time to practice their swings, the agreement also includes the transfer of membership to the Wilshire Country Club as well as the Jonathan Club. While the press release talks about all of the positives that Dr. Sohn accomplished in his two years on the job, it’s hard to ignore the stock’s performance in 2007.
Speaking of performance, this story from the Rocky Mountain News questions the hefty bonuses doled out at MDC (MDC), even though the stock has declined over 30% and the losses are running around over $350 million.