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'Chutes of gold: Centerior execs may reap millions in severance pay under Edison deal. (acquisition of Centerior Energy Corp. by Ohio Edison Co.)
Crain's Cleveland Business, February, 1997 by Baird, Kristen
Centerior execs may reap millions in severance pay under Edison deal Centerior Energy Corp.'s top executives and officers will receive nearly $10 million in severance packages if they lose their jobs as a result of the pending acquisition of Centerior by Ohio Edison Co. Included in the severance agreements are $7 million in golden parachutes for Centerior's top five executives, including chairman and chief executive Robert J.
Farling, according to shareholder proxy material filed by the company last week with the U.S. Securities and Exchange Commission. The golden parachutes were approved by Centerior's board last summer after negotiations began with Ohio Edison. Under the pending deal, an undisclosed number of other officers would receive a total of $2.6 million...
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