OFFICE DEPOT's INTERIM CEO PULLING DOWN $200,000 A MONTH

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OFFICE DEPOT's INTERIM CEO PULLING DOWN $200,000 A MONTH

 user 2010-11-17 at 7:52:21 am Views: 52
  • #24062

    http://www.palmbeachpost.com/money/office-depot-interim-ceo-pulling-down-200-000-1015315.html

    OFFICE DEPOT’s INTERIM CEO PULLING DOWN $200,000 A MONTH
    BOCA RATON — It can’t be easy stepping into the shoes of the chairman and chief executive officer of a Fortune 500 company.But this is the second time Neil Austrian, lead director at Office Depot Inc., has taken on the role in an interim basis at the Boca Raton-based company. And he’s being handsomely rewarded for doing it.Office Depot Inc. released details of Austrian’s compensation after market close Tuesday, saying the company has agreed to pay the interim chief a salary of $200,000 a month as well as 400,000 shares of non-qualified stock options at an exercise price of $4.43. The monthly salary translates to $2.4 million a year.

    Austrian’s salary began accruing Oct. 25, the day the firm announced that then-chairman and CEO Steve Odland would resign.Odland officially left on Monday in a decision that the company said was mutual. He, too, received a nice package for his troubles, including a cash severance of $5.2 million; payment of his $5 million retention award; and payment of the equivalent of two years of health and other benefits. Odland will also receive part of his 2010 bonus.Odland was paid nearly $5.5 million in 2009, according to a Palm Beach Post analysis of proxy statements and annual reports of Office Depot Inc. The amount comprises salary, bonus, option gains, stock vesting and other types of compensation.

    Austrian previously served as Office Depot’s chairman and CEO before the arrival of Odland, from Oct. 4, 2004 to March 11, 2005. He stepped up at that time after the company ousted Bruce Nelson because of poor company earnings and a lack of accountability. Nelson had been CEO for a little more than four years.When Austrian last led the company, he was offered a monthly salary of $170,000, or $2.04 million a year, and $1 million worth of the company’s restricted stock, according to company filings.At least some investors at the time expressed concern that his salary was too high.Company spokesman Brian Levine declined to comment.

    http://www.palmbeachpost.com/money/office-depot-interim-ceo-pulling-down-200-000-1015315.html