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Xerox says it will pay fired CEO $800,000 a year

From InfoWorld.com; By Reuters ; Published at: Monday, Aug. 14, 2000 11:25 am


http://www.infoworld.com/articles/hn/xml/00/08/14/000814hnxeroxpay.xml

STAMFORD, CONN. (REUTERS) - Rick Thoman, who presided over Xerox Corp.'s unsuccessful restructuring and was ousted as chief executive officer in May, will receive an annual retirement benefit of $800,000 and other payments, Xerox disclosed in federal filings on Monday.

In addition to the pension, the 56-year-old Thoman will receive $375,000 as a prorated 2000 bonus in February of 2001, and will also be paid $200,000 in cash in lieu of continued life-insurance benefits, Xerox revealed in documents filed with the U.S. Securities and Exchange Commission. ....



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