US: Eddie Bauer ex-CEO to net US$4.5m salary and bonuses
The ex-chief executive and president of apparel retailer Eddie Bauer is in line to net more than US$4.5m in salary and bonuses over the coming two years, according to a regulatory filing.
Fabian Mansson left the retailer last week, the day after shareholders threw out Bauer's planned sale to two private equity companies.
The company had suffered losses of US$275m in nine months in 2006 under Mansson's leadership.
The filing stated, however, that he is entitled to the payout because of terms set out in a pre-existing employment deal signed back in 2005.
Accordingly, Mansson will continue to receive his $980,000 salary until May 2009 and will also get $980,000 worth of bonuses in 2007 and 2008, plus a $346,356 bonus the year after.
Mansson also will get life insurance, health benefits and accelerated vesting of stock options and restricted stock units.
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