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Wednesday, November 04, 2009
Black & Decker CEO Waives Severance
FOXBusiness
The chief executive of appliance-maker Black & Decker (BDK), Nolan Archibald, has waived his right to a $20.5 million severance package following the sale of Black and Decker to Stanley Works (SWK).
If the goal of cost savings at the newly-formed company are met in the next three years, Archibald will receive a $45 million bonus. The board of directors agreed it was within his rights to waive the severance in favor of the bonus.
Archibald, who joined the company as CEO in 1986, lost his job due to the acquisition. Archibald is set to receive a salary of $1.5 million annually in addition to any bonus.
Archibald’s position was terminated as of Monday when Stanley Works agreed to purchase Black and Decker in an all-stock deal totaling $3.46 billion.
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