Business Services Industry
Shareholder Questions Compensation for Aquila Executives.
Knight Ridder/Tribune Business News, January, 2003
By Steve Everly, The Kansas City Star, Mo. Knight Ridder/Tribune Business News
Jan. 23--A dissident Aquila Inc. shareholder on Wednesday specifically criticized the severance package granted to former chief executive officer Robert Green when he resigned in October.
At that time there was no question about Aquila's operational difficulties and mounting financial losses, said Marty Whitman, head of Third Avenue Management in New York, which controls about 11 million Aquila shares. Nevertheless, the company gave Green $7.6 million in severance.
"It just isn't right," Whitman said.
In a filing Tuesday with the Securities and Exchange Commission, Whitman stated that he was concerned with Aquila's performance and a top management...
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