Digital Radio Central - Sponsored by TSS Radio
  DRC Home Page DRC Forums Contact Us  
SIRIUS Backstage Forum
  Sirius Satellite Radio XM Satellite Radio iTunes/iPod Slacker Pandora  
FAQ Members List Calendar Search Today's Posts Mark Forums Read  
Go Back   SIRIUS Backstage Forum > >
Visit Digital Radio Central


The Street Converse with other investors about finance, economic and investment strategies. This is also the place to discuss SIRIUS XM company news and your favorite stocks.

Thread Tools Display Modes
Old 03-18-2005, 02:10 PM   #1
Sirius Sees Paying Ex-CEO Clayton <img .05M Severance
RyanM's Avatar
Join Date: Jun 02, 2004
Location: Tuscaloosa, AL
Posts: 4,147
RyanM will become famous soon enoughRyanM will become famous soon enough
Default Sirius Sees Paying Ex-CEO Clayton $1.05M Severance

Sirius Sees Paying Ex-CEO Clayton $1.05M Severance

WASHINGTON --Sirius Satellite Radio Inc. expects to sign an agreement with former Chief Executive Joseph Clayton under which it will pay him a $1.05 million severance in June, according to its annual report.

Sirius said it also plans to accelerate the vesting of restricted shares held by Clayton, who stepped down as its chief executive last year. Former Viacom (VIA, VIAB) Chief Operating Officer Mel Karmazin replaced him.

The satellite radio services provider last November disclosed that it had already granted Clayton, who is now chairman of its board, options for
2 million common shares. The company at the time said its board also authorized further negotiations.

In its annual report, Sirius said the anticipated $1.05 million severance payment to Clayton arises from these further negotiations. In addition to the severance, it also expects to offer Clayton a bonus for his work this year, according to its report filed late Wednesday with the Securities and Exchange Commission.

In addition, Sirius said it sees reimbursing Clayton for his "reasonable" living expenses in New York City, including rent, through May 2005, and some travel expenses.

-By Paulette Chu, Dow Jones Newswires; 202-862-1355;
RyanM is offline  
Old 03-18-2005, 08:26 PM   #2
Site Editor / Moderator
Sirius Sees Paying Ex-CEO Clayton <img .05M Severance
roscoryan's Avatar
Join Date: Nov 23, 2002
Location: Burnsville, MN
Posts: 2,811
roscoryan will become famous soon enoughroscoryan will become famous soon enough

It looks like Joe is on his way out completely....
Visit the NEW community for all things Digital Radio, including SIRIUS:
roscoryan is offline  
Old 03-18-2005, 10:25 PM   #3
Rocket Scientist
Join Date: Oct 19, 2003
Location: Conyers, GA
Posts: 675
Corey140 is on a distinguished road
Send a message via AIM to Corey140

Why is he getting Severance pay if he is still an employee? I'm lost?
Corey140 is offline  
Old 03-18-2005, 11:26 PM   #4
Top Dog Member
Sirius Sees Paying Ex-CEO Clayton <img .05M Severance
Manco's Avatar
Join Date: May 30, 2003
Location: Bay Area, CA
Posts: 15,450
Manco will become famous soon enoughManco will become famous soon enough

Originally Posted by Corey140
Why is he getting Severance pay if he is still an employee? I'm lost?
It's common when CEO's are replaced by another to get a severence package.
Manco is offline  

Go Back   SIRIUS Backstage Forum > >

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

All times are GMT -5. The time now is 06:17 AM.
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2020, vBulletin Solutions Inc.
Search Engine Optimisation provided by DragonByte SEO v2.0.39 (Pro) - vBulletin Mods & Addons Copyright © 2020 DragonByte Technologies Ltd.
All Content Copyright SIRIUS Backstage. All Rights Reserved. SIRIUS and registered trademarks are the property of SIRIUS Satellite Radio, Inc. The opinions posted on SIRIUS Backstage website and forums are those of the individual posters and/or this website and are not necessarily the opinions or positions of SIRIUS Satellite Radio, Inc.