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Alltel sale would fill top execs' pockets
3 groups angling to buy, paper says
This article was published May 10, 2007 at 6:00 a.m.
PHOTO BY THE ASSOCIATED PRESS
Scott Ford, CEO of Alltel, speaks to company employees outside the company's Little Rock headquarters in this 2005 file photo.
Is it a confict of interest for top executives to get paid IF a sale is arranged?
- Yes 86% 31 votes
- No 13% 5 votes
36 total votes.
As Alltel Corp. continues to be the rumored target of a potential sale, a key motivator has gotten little notice.
Under a change-of-control clause, Chief Executive Officer Scott T. Ford stands to get as much as $89 million if he were to leave the Little Rock-based telecom within three years of the sale and under certain conditions.
If the top five executives were to depart under such conditions, the price tag could be nearly $250 million.
Change-of-control clauses - found in Alltel filings with the Securities and Exchange Commission - would trigger tens of millions of dollars in payments to Alltel's top officers regardless of whether they stay with the Little Rock-based company.
For more information see today's Arkansas Democrat-Gazette.
Subscribers can read the story here on ArkansasOnline.
