Steve Odland, who is CEO of ‘Office Depot’ (a company selling office products and office furniture) since 2005, is planning to leave his job. But like most CEOs…not for free. According to a SEC filing (Securities and Exchange Commission) he will receive $5.2 million in cash severance and a $5 million retention award. And if you think this is still not enough…Mr. Odland will receive the ‘pro rata portion’ of his 2010 earned bonus.
Not bad, especially when you know Odland earned $1 million a year in salary from 2007 to 2009. Most of his long-term options are ‘underwater’, this means that the exercise price he would pay is higher than the shares are trading for on the open market.
According to SEC fillings, Odland has 1.76 million shares of Office Depot, that’s worth $8.36 million at this moment. But his actual net will be different, depending on what he paid for the shares and when he sells them. Quite nice ‘golden parachute’, don’t you think?
Nicolas Pollet
Source: http://www.bizjournals.com/southflorida/blog/2010/10/odlands-golden-parachute.html
Dear all
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