Financial Services Industry
Industry: Email Alert RSS FeedHewitt plan raises sale questions.
Pensions & Investments, November, 2005 by Marquez, Jessica
Byline: Jessica Marquez LINCOLNSHIRE, Ill. - A recent Hewitt Associates Inc. filing has raised eyebrows about whether the company is contemplating a sale. On Oct. 7, the Lincolnshire-based firm filed with the Securities and Exchange Commission to create a severance plan for its 24 top executives in the event of a change of control of the company.
Under the plan, if these executives lose their jobs as a result of a merger or acquisition, they are each entitled to a lump-sum payment equal to two times their base pay and target annual incentive, among other things. "What raised some questions about this is the timing,'' said Bill Zinsmeister, an analyst at Piper Jaffray & Co., Minneapolis. Creating change-of-control severance plans is standard practice for...
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