Circuit City’s Ex-CEO to Receive $1.8 Million Severance
Richmond, Va. Phillip J. Schoonover, Circuit City’s departing CEO, chairman and president, will be receiving a severance package totaling $1.8 million, according to a regulatory filing on Thursday.
The package includes his annual base salary and the company’s target bonus for the current fiscal year. Both are worth $900,000, according to documents filed with the Securities and Exchange Commission.
In addition, Schoonover, who stepped down on Monday, will receive health and welfare benefit-plan participation for two years; up to $50,000 in outplacement services, and the acceleration of the vesting of his stock options and restricted stock awards that would have vested prior to Oct. 4, 2009.
His compensation was based on an employment agreement made when he joined the company in 2004. He came from rival Best Buy Co., where he was executive VP of customer segments.
Board member James A. Marcum is currently serving as the chain’s interim president and chief executive.
FTC investigating Walgreens bid for Longs
WALNUT CREEK, Calif. Longs Drug Stores has announced that the Federal Trade Commission has requested that Longs provide the FTC with documents and information in connection with Walgreens’ unsolicited, non-binding expression of interest to acquire Longs.
In the detailed 25-page request, the FTC stated that it was investigating whether Walgreens’ proposed acquisition of Longs “may substantially lessen competition among Retail Pharmacies in various portions of California, Nevada and Hawaii.” In addition, the FTC requested information regarding several markets that had not been examined in the FTC’s previous review of the proposed Longs-CVS transaction, including Longs’ operations in Hawaii and Longs’ mail order business. The FTC may add to the request as its investigation progresses. Longs intends to cooperate in the FTC’s investigation.
Whole Foods names senior vp of purchasing
AUSTIN, Texas Whole Foods Market has promoted Michael Besancon to the newly created position of senior global vp of purchasing, distribution and marketing for the company.
Starting this week, Besancon will report directly to co-presidents and coos A.C. Gallo and Walter Robb, and will be responsible for leading the development and execution of strategies for procurement, distribution and marketing of products, which includes bringing the next generation of exciting offerings to Whole Foods Market shoppers.
Besancon served as president for the Southern Pacific region for more than seven years, overseeing operations, marketing and real estate development, profitability and financial growth for stores in Southern California, Arizona, Nevada and Hawaii.