What me worry?

October 22, 2004

Investors might hope that a company like Tyson Foods (TSN), which disclosed in August that the SEC was investigating the company for failing to disclose various deals with senior management, might be a bit concerned about entering into new deals. Not a chance. In a recent 8K, the company disclosed a new employment agreement with senior VP Eugene Leman. Leman, a former IBP executive who joined Tyson after the 2001 merger, was working under a five year contract that paid him $528K last year and was set to expire in February. Under the new contract, he’ll work for Tyson presumably full-time until Feb. 2006 and his salary will increase to $560K. But come February 2006, Leman will become a consultant and will only be required to work 750 hours that year. However, his salary will increase to $600K.

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