Collins & Aikman pays $8.9 million to Evans.(former CEO Thomas Evans receives severance package)

Automotive News, November, 2002 by Sherefkin, Robert

Byline: Robert Sherefkin

An $8.9 million payout cushioned the fall of Thomas Evans from the top job at interior trim supplier Collins & Aikman Corp. in August.

Evans' golden parachute was part of $23.8 million in severance costs for the former CEO and more than 700 other Collins & Aikman employees cut earlier this year, according to documents filed with the Securities and Exchange Commission.

Evans' exit pay was more than one-third of the severance costs from Collins & Aikman's third-quarter restructuring charge this year. But it was not out of line with industry standards, a compensation specialist said.

``It's a healthy severance payment,'' said John Sinkular, an executive compensation consultant with Towers Perrin in Southfield,...

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