Beazer's McCarthy To Receive $5.2 Million Exit Package
15 6월 2011 - 1:33AM
Dow Jones News
Builder Beazer Homes USA (BZH) will pay former Chief Executive
Ian McCarthy an exit package valued at about $5.2 million over
three years.
McCarthy, who has been chief executive since 1994, was
terminated by the board without cause Friday. He left the
Atlanta-based company over the weekend, forced out by leadership
seeking to restore value to a stock that has plunged 96% since its
early 2006 peak.
The 57-year-old McCarthy's exit package includes three times his
annual base salary of $1.2 million, or $3.6 million, plus a
calculation based on his average annual bonus for fiscal 2008
through 2010 that totals about $1.6 million, according to an
employment agreement filed with the Securities and Exchange
Commission in September 2004.
The value of other benefits, such as accrued vacation and
medical insurance, remains unclear. Payments will be paid in
installments over three years.
The company expects to file McCarthy's separation agreement this
week.
Shares of Beazer were up a sector-leading 6.3% at $3.38.
-By Dawn Wotapka, Dow Jones Newswires; 212-416-2193;
dawn.wotapka@dowjones.com
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