Citadel Doles Out Stock To Execs, CEO Farid Suleman To Get 1.9 Million Shares
August 23, 2010 at 6:04 AM (PT)
CITADEL CEO FARID SULEMAN is getting 1,901,042 shares of stock in his reorganized company under its Equity Incentive Plan, of which 50% vests on JUNE 3rd, 2011 and 50% vests on JUNE 3rd, 2012, subject to his being employed by CITADEL on those dates.
The stock would be worth $43.5 million at the $22.875 share price the company designated in its plan.
COO JUDY ELLIS is receiving 100,000 shares, CFO RANDY TAYLOR and General Counsel/VP/Secretary JACQUELYN ORR are receiving 80,000 shares, SVP/Finance and Administration PATRICIA STRATFORD is receiving 56,250 shares, and Directors DOREEN A. WRIGHT, GREGORY MRVA, PAUL N. SALEH, JONATHAN MANDEL, BILLY CAMPBELL and JOHN SANDER are receiving 47,530 shares each, with the same vesting dates and conditions.
[Is this stock plan rewarding the very people who managed Citadel into bankruptcy? Or is it necessary to retain the people who Wall Street wants to steer the company into profitability? Post your comments below.]