DAWES – The executive in charge of a midsize corporation made off with a few thousand dollars today as part of his severance package when he was dismissed as part of a merger.
InSolv Bank folded its assets into OffShor Holdings, prompting the purge of many personnel, including CEO Dale Hughes.
This position was Hughes’ first executive role, and he had not negotiated a plump benefits package that would place excessive demands on the company’s finances.
Instead of an oversized payout that included stock options, unearned cash bonuses and other lavish benefits, Hughes received two weeks pay plus whatever vacation time he had left.
“Wow, that guy almost ran this company in the ground, and that’s all he’s taking away?” said receptionist Kenneth Plato, who retains his job through the merger. “Half of this place is packing up their desks. He’s right there with them. Maybe he’ll really stick it to the next company he wrecks.”