RadioShack Approves Retention Bonuses
RadioShack may have lost $191 million in the fourth quarter, but it still found a way to arrange to pay top executives not to leave.
According to an SEC filing this week cited by various media outlets, the retailer’s board has approved six-figure retention bonuses for its five top executives, should they stay until next March.
After giving due consideration of the skills and talent deemed critical to the company’s business turnaround efforts currently underway, the difficult business environment and the competition for skilled, talented employees, the Management Development and Compensation Committee authorized and directed the company to enter into retention agreements with certain of its executive officers”
CEO Joseph Magnacca will get $500,000 if he stays until March 1, 2015, with the company’s CFO, senior vice presidents for store operation and store concepts and chief human resources officer also promised six-figure bonuses should they stay through next year.