Finkelstein deal up in the air. ($3 million-plus severance deal for former chairman/chief executive officer of R.H. Macy and Company Inc., Edward S. Finkelstein) (Brief Article)

Daily News Record, July, 1992 by Auerbach, Jonathan

NEW YORK (FNS) - The proposed $3 million-plus severance package for Edward S. Finkelstein, former chairman/chief executive officer of R.H. Macy & Co., is the subject of negotiations and could be substantially trimmed, according to sources involved in the talks.

Creditors are unhappy that Finkelstein, who resigned from Macy's on April 27, continues to draw a salary. They are asking that Finkelstein's earnings since his resignation be applied to his ultimate severance award.

Under the preliminary severance package worked out with the Macy's board, Finkelstein is entitled to a four-year, $750,000-a-year consulting contract.

Finkelstein still has an employment contract. Known as an "evergreen" contract, it is renewed annually, subject to...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.