Does anyone know about Gap's former CEO Paul Pressler? Any info would help. I know the facts from articles.
Answers:
This information was provided to employees in an article dated late Jan. 2007.
Q: Why did Paul leave?
A: Paul and the Board of Directors came to a mutual agreement that it was time for a change. He stepped down, effective immediately.
Q: How much severance did Paul receive?
A: Paul is eligible for a severance package of up to approximately $14 million. This is comprised of up to two years of his salary, and a potential bonus of up to $1.5 million assuming future company financial performance targets are met.
These payments are reduced or eliminated if Paul gets employment or is compensated elsewhere in the next 24 months. Paul is eligible for this severance compensation as part of his employment agreement entered into when he joined the company.
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