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Wednesday, November 10, 2004

Pottruck Cashes Out

by: Theresa Sim

David Pottruck may have been forced out at Charles Schwab in July, but he also left with $6.2 million in hand.

The ousted former chief executive was given the lump sum payment on August 2, was also paid $166,666 for the months of August and September, and will be paid $135,714 for every month thereafter that he remains jobless, reported the LA Times on Tuesday.

The golden parachute does have a deadline, however: Pottruck will only receive the payments until January 1, 2007. 

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