Posts Tagged ‘severance’

Evine Live Discloses Severance Packages For Terminated Executives

May 28, 2015

Evine Live revealed the details of its severance agreements with several key executives who were terminated in a filing with federal regulators Wednesday.

Here is what the No. 3 home shopping network said in its 10-Q:

On March 26, 2015, the Company announced the termination and departure of three executive officers, namely its Chief Financial Officer, its Senior Vice President and General Counsel and President. In addition, during the first quarter of fiscal 2015, the Company also announced the hiring of a new Chief Financial Officer and a new Chief Merchandising Officer.

In conjunction with these executive changes as well as other management terminations made during the first quarter of fiscal 2015, the Company recorded charges to income for the three months ended May 2, 2015, of $2,590,000, which relates primarily to severance payments to be made as a result of the executive officer terminations and other direct costs associated with the Company’s 2015 executive and management transition.

That’s a lot of greenbacks. But let’s break it down.

According to the filing, George Ayd, who we believe is known as Bob Ayd, was terminated as president effective on March 26. His package was a lump sum payment of $746,267, with an additional severance consideration of $256,968.

There is also a 12-month non-compete clause in his exit deal.

As for ex-CFO William McGrath, his severance was $576,800, with an additional $175,936 on top of that. He also gets reimbursed for rent expenses in Minnesota for two months, in a total amount not to exceed $3,010.

ShopHQ Paying Out $5 Million In Severance To Execs

September 10, 2014

The house cleaning that ShopHQ’s new management did was rather pricey for the No. 3 home shopping network, to the tune of about $5 million.

The company had previously reported that ShopHQ CEO Keith Stewart was getting
a $2.5 million severance package for his exit.

And in a filing with the Securities and Exchange Commission Tuesday, we got an update on Stewart’s final package, and also learned a bit about how much the departures of Chief Operating Officer Carol Steinberg and Chief Merchandising Officer Annette Repasch are costing the network.

“In conjunction with Mr. Stewart’s resignation and separation agreement, the Company recorded charges to income totaling $2,620,000 for the second quarter ended Aug. 2, relating primarily to severance payments,” the filing said.

ShopHQ eliminated Steinberg’s position is looking for a replacement for Repasch.

As for their packages, “in conjunction with the terminations, the affected executive officers are eligible for severance amounts which are expected to be paid in February 2015. At this time, the Company estimates severance charges totaling $2,300,000 to be recorded in the third quarter of fiscal 2014,” the SEC filing said.