NP says Eaton's executives receive guaranteed bonuses
T. Eaton Co Ltd (The) ETN
Shares issued 24,430,000 Jun 25 close $3.25
Mon 28 Jun 99
In the News
The National Post reports in its Saturday edition that executives at T. Eaton Co. Ltd. received guaranteed bonuses along with their salaries in the beleaguered retailer's first year as a public company, when it lost $72-million. Hap Stephen, Eaton's chief financial officer and executive vice-president, was given a $300,000 bonus on top of his $600,000 salary, in addition to his $125,000 as part of a retirement compensation package.
He was also given 247,733 in Eaton's stock options, exercisable at $15. The information was contained in an information circular sent out before the company's annual meeting on July 29. It said other executives recently hired by Eaton's also received guaranteed bonuses. One Eaton's executive who did not take a bonus was Brent Ballantyne, chairman, chief executive and president. He earned $187,400 last fiscal year, based on an annual salary of $750,000. Mr. Ballantyne took over as chief executive officer following the departure of George Kosich last November. The proxy circular
also gave details of the settlement package reached with Mr. Kosich.
(c) Copyright 1999 Canjex Publishing Ltd.
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Michael Bidder |
