Massey gets $550,000 severance
CompuServe's recently departed CEO gets a severance package worth twice his salary.
Massey, who resigned last month, will be paid $550,000 over a one-year period, according to a filing with the Security and Exchange Commission, a figure that is double his base pay while he headed the second-largest online service.
Should CompuServe be sold before August 17, Massey will also receive a bonus equal to $600,000 and, under certain circumstances, an additional $137,000. A company spokesperson said the bonuses are simply "standard legal stuff."
One management consultant said it's hard to gauge the richness of Massey's deal. "Executive compensation varies all over the map," said Stefan Chasnov, consultant at the Hay Group.
Between February 17 to May 17, Massey can exercise any outstanding options to acquire H&R Block common stock. As part of his severance agreement, he cannot engage in any activity in the United States or Europe for 12 months that would compete with the company's online interactive information services, Internet access services, or network services.