Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Legg Hands Ousted Executives Big Parachutes Not Rated 1.0 Email Routing List Email & Route  Print Print
Tuesday, April 02, 2013

Legg Hands Ousted Executives Big Parachutes

Reported by Tommy Fernandez

We now know that two executives at Legg Mason were shown the door as a result of CEO Joe Sullivan's management shakeup.

The executives were Ronald Dewhurst, senior executive vice president (and erstwhile competitor for Legg's CEO position), and Thomas Lemke, executive vice president and general counsel.

We now also know how big the parachutes are for these two departing executives.

According to a filing with the SEC, they got the following packages:

Ronald Dewhurst
  • 167,921 unvested restricted stock units and stock options to purchase 7,000 and 20,040 shares at exercise prices of $33.97 and $27.45, respectively, held by Dewhurst will immediately vest under the terms of the awards or of the Separation Agreement;
  • $3,310,000 payable in a lump sum upon the effectiveness of the Separation Agreement;
  • twelve months of COBRA coverage at the Company's expense for Dewhurst, his spouse and eligible dependents; and
  • certain outplacement services to be provided by the Company's designated provider.
    Thomas Lemke
  • 59,890 unvested shares of restricted stock and stock options to purchase 3,000, 4,800, 6,648, 11,996 and 17,899 shares at exercise prices of $33.97, $27.45, $33.25, $33.99 and $23.72, respectively, held by Lemke will immediately vest under the terms of the awards or of the Separation Agreement;
  • $2,100,000 payable in a lump sum upon the effectiveness of the Separation Agreement;
  • twelve months of COBRA coverage at the Company's expense for Lemke, his spouse and eligible dependents; and
  • certain outplacement services to be provided by the Company's designated provider.

  • According to the SEC filing, the two parachutes will cost Legg approximately $8.5 million.

    In return for their packages, Dewhurst and Lemke have agreed for a period of 12 months to refrain from soliciting or inducing any employee, or client of the company or its related entities, to terminate his or her employment or business relationship with the company and to not disclose or misuse confidential information of the company at any time. 

    Stay ahead of the news ... Sign up for our email alerts now
    CLICK HERE

    1.0
     Do You Recommend This Story?



    GO TO: MFWire
    Return to Top
     News Archives
    2021: Q2Q1
    2020: Q4Q3Q2Q1
    2019: Q4Q3Q2Q1
    2018: Q4Q3Q2Q1
    2017: Q4Q3Q2Q1
    2016: Q4Q3Q2Q1
    2015: Q4Q3Q2Q1
    2014: Q4Q3Q2Q1
    2013: Q4Q3Q2Q1
    2012: Q4Q3Q2Q1
    2011: Q4Q3Q2Q1
    2010: Q4Q3Q2Q1
    2009: Q4Q3Q2Q1
    2008: Q4Q3Q2Q1
    2007: Q4Q3Q2Q1
    2006: Q4Q3Q2Q1
    2005: Q4Q3Q2Q1
    2004: Q4Q3Q2Q1
    2003: Q4Q3Q2Q1
    2002: Q4Q3Q2Q1
     Subscribe via RSS:
    Raw XML
    Add to My Yahoo!
    follow us in feedly


    1. ETF.com Awards 2020, April 20
    2. The 31st Sub-Advised Funds Forum, Apr 20-21
    3. IDC Virtual Roundtable: Florida - April 2021, April 20
    4. IMEA Marketing Council Roundtable | Engaging Advisors In a Virtual World, April 21
    5. MMI Summit 2021, Apr 21-22
    6. MFDF Director Discussion Series - Open Forum via Zoom (Northeast), April 21
    7. FIASI virtual event - ESG in Fixed Income: Shining a Light on Transparency, Apr 22-23
    8. IDC Virtual Roundtable: Alabama, Georgia, North Carolina, and South Carolina - April 2021, April 22
    9. Nicsa webinar - Diversity Data: What is at stake? Business, Reputation and Talent, April 22
    10. IDC Webinar: The Future of the Workplace - April 2021, April 23
    11. IDC Virtual Roundtable: Arkansas, Louisiana, Mississippi, Oklahoma, Tennessee, and Texas - April 2021, April 27
    12. IMEA In Session - Post-Covid Sales Coverage, April 27
    13. MFDF Case Studies in Fund Oversight — A Virtual Roundtable for Directors, Apr 28-29
    14. IDC Virtual Roundtable: Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota - April 2021, April 29
    15. 44th Annual AIMSE Marketing & Sales Conference, May 2-4
    16. MFDF Director Discussion Series - Open Forum via Zoom (Southeast), May 5
    17. ICI 2021 General Membership Meeting - Day 1, May 6
    18. Emerging Manager Forum USA, May 12-14
    19. ICI 2021 General Membership Meeting - Day 2, May 13
    20. 2021 FINRA Annual Conference, May 18-20
    21. IDC Speaker Series - Abby Joseph Cohen: A Conversation About the State of the Global Markets, May 19
    22. 2nd annual ETFGI Global ETFs Insights Summit - USA, May 19-20
    23. MFDF Director Discussion Series - Open Forum via Zoom, May 19
    24. Irish Funds Online Annual Global Funds Conference 2021, May 19-20
    25. MFDF webinar - Fund Director Compensation: MPI Annual Survey (2021), May 20
    26. ICI 2021 Operations and Technology Conference, May 20




    ©All rights reserved to InvestmentWires, Inc. 1997-2021
    14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
    Privacy Policy :: Terms of Use