Lionel Execs Get Pay Raise
According to an article in Crain’s Detroit Business, Lionel CEO Jerry Calabrese and VP of Marketing Mark Erickson will receive pay raises. The raises had to be approved by the bankruptcy court hence the reason the raises being made public. Mr. Calabrese will make $1 million per year and Mr. Erickson will make $465,000 per year.
Both execs have been working without a new contract since 12/31/07. According to the story, the raises more than double their salary but eliminate performance bonuses based on company performance. The two execs also get a piece of the proceeds if Lionel is sold for more than $60 million and options to purchase a piece of Lionel if the plan for exiting bankruptcy is confirmed. Read the entire story here.
Related posts:
- Lionel Financials - March ‘07 by Erol Gurcan
- Lionel’s Gross Sales In 2006 Top $62 Million by Erol Gurcan
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