Posts Tagged With 'Million Severance Package'
After an investor on a conference call criticized the size of his $16 million severance package after exiting as executive chairman of Developers Diversified Realty Corp., Scott Wolstein had a short answer in a phone interview this afternoon.
“My contract speaks for itself,” Mr. Wolstein said. “Whatever my package is, it is what it is, and I earned it.”
In response to two questions from analysts, Developers Diversified officials on the conference call this morning said Mr. Wolstein is entitled to $8 million in salary and bonus and about $8 million from 550,000 shares he was previously issued over the past few years. The company will take a charge for that amount in the first quarter of this year.Near the scheduled end of the call, Ben Williams, director of Brookfield Investment Management Inc. of New York City, said he and his colleagues had been discussing Mr. Wolstein’s severance package since an initial question on the call raised this issue.“We think it’s appalling that (Mr. Wolstein)
Tags: Million Severance, Million Severance Package, Package, Severance Package