Sure things don't look so hot for beleaguered CE retailer Circuit City, but on the bright side, at least ex-Chairman, President and CEO Philip J Schoonover is looking at a severance package of $1.8 million.
Circuit City Stores Inc.'s departing chief executive is receiving at least $1.8 million in a severance deal after resigning from his post at the consumer electronics retailer earlier this week, according to a regulatory filing on Thursday.
Philip J. Schoonover, who agreed to step down Monday as chief executive, chairman and president of the Richmond, Va.-based company, will receive his annual base salary and the target bonus for the current fiscal year, each worth $900,000, according to documents filed with the Securities and Exchange Commission.
The 48-year-old also will receive health and welfare benefit plan participation for two years, up to $50,000 in outplacement services and the acceleration of the vesting of his stock options and restricted stock awards that would have vested prior to Oct. 4, 2009
I believe I speak for all of us in the CE blogosphere when I say with absolute seriousness "RIGHT ON BUDDY, GREAT SCORE!"
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