He quit
6 replies (most recent on top)
Here it is, $22 mil to quit, just slightly more than the 1000+ long time employees that got laid off received (that’s slightly more than the 1000+ COMBINED)
“According to the company’s 2018 proxy statement—the 2019 report has not been issued yet—Temares was due approximately $22 million in severance pay should his departure be the result of “voluntary termination.” Because the company said he did in fact resign on Monday, it would appear that will be the case, a combination of a one-time salary payment (about $4 million), $18 million in “supplemental pension” and $625,000 in “nonqualified deferred compensation balance.””
He made so many strategic mistakes, this was inevitable.
We'll all pay the price though.
Now, enter more uncertainty and someone new who will resort to even more cutting...
He most certainly gets a package. It’s whatever is in his contract. When Art Stark quit last year he was given 3 years salary and early vesting in a lot of stock awards. We will know when the company files the 8-K as required by law. And he didn’t do this to help the company. He did it to help himself. He knew he would be forced out so he resigned to make himself look better.
I really hope this is the start of a turnaround for BBB. It was a great company and can be again
Since he resigned, there is no severance pay. He did it to not hurt the company. At least he did the proper thing.
GoI'd news for sure. Here's hoping the stores get the help they need, this company's foundation is brick and mortar, online presence is essential, but needs to be similar to Walmart and Best Buy, etc. The stores are key, not to mention the quality employees that give all they have, and not relying on a 20-year-old for everything.
Best thing to happen to the company in years! I’m sure he’s getting a huge severance. Certainly not the “up to” 16 weeks he gave to the 1000+ long term employees he got rid of to keep the newer ones making a fraction of the salary with zero experience. I feel bad for those people. They will be expected to do the job of 3 people for little pay and no training. Maybe the new CEO will understand the stores need hours to help the customers that actually shop in a brick and mortar.