Business Services Industry
Gormley's severance pay tops $1.8 million. (former Federal-Mogul Corp. CEO Dennis Gormley)
Crain's Detroit Business, March, 1997 by Sherefkin, Robert
Former Federal-Mogul Corp. CEO Dennis Gormley found gold in his parachute after all. Gormley was given a severance package worth more than $1.8 million. Company directors gave Wayne Smith, Gormley's heir apparent and a veteran of 26 years with the company, a package worth more than $385,000, Federal-Mogul disclosed in its annual proxy statement to shareholders.
The company's new chairman and CEO, Richard Snell, received a base salary of $600,000 a year with a target bonus of $450,000 to $675,000 this year. The minimum bonus he can receive this year as he undertakes Federal-Mogul's turnaround is $275,000. Federal-Mogul paid Snell $350,000 to compensate him for the loss of bonuses he would have received from his former employer, Tenneco Automotive, had he not left...
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