LI-based Symbol Technologies' bottom line benefits from settling

Long Island Business News, Nov 5, 2004 by LIBN Staff

Sometimes former executives can have an impact on the bottom line.

When Symbol Technologies reported its third-quarter results last month, money not paid to one fugitive executive and funds contributed by the corporate co-founder made a big difference.

In a quarter when net earnings were $21 million, former Chairman Jerry Swartz paid Symbol $7.2 million in cash as part of a deal under which he was dismissed from a class-action lawsuit.

In addition, the company reversed a $3.1 million severance reserve for Tomo Razmilovic, a former chief executive. Razmilovic was last reported living in Sweden as a fugitive from federal securities charges. Said Chief Financial Officer Mark Greenquist: We have determined that a separation agreement with him is null and void.