The saying in the mergers and acquisitions world is “CFO, first to go,” a reflection of the fact that new ownership usually wants their own person in the most important financial position in the company being acquired. That’s the case for Hastings, which revealed in a filing that its CFO would resign after the sale of the company to WizKids parent NECA is complete (see "NECA to Acquire Retailer Hastings"). But also in the filing in which the CFO’s departure was revealed (as reported by Home Media) was the news that Hastings CEO John Marmaduke, the son of the founder, will also depart on completion of the sale.
The Hastings CEO and CFO aren’t leaving empty-handed though; Marmaduke will get a $1.5 million severance, and CFO Dan Crow will receive $750,000 (plus the redemption of their stock, as is the case for all shareholders).
Hastings improved its results in the holiday quarter, a good ending to a tough year (see "Hastings Improved Holidays").
'First to Go'
Posted by ICv2 on April 1, 2014 @ 12:24 am CT
MORE NEWS
Yasuhiro Nightow's 'Blood Blockade Battlefront'
January 29, 2025
The publisher plans a new edition of Yasuhiro Nightow’s Blood Blockade Battlefront.
Less Expensive Paperback Version of 2022 Omnibus
January 29, 2025
The compendium is a more affordable paperback version of the omnibus published in 2022.
MORE COMICS
From Image Comics/Skybound Comet
January 29, 2025
Get your first look at world's worst Decepticon in Transformers: Worst Bot Ever - Meet Ballpoint, coming this July from Skybound Comet.
For All Imprints
January 29, 2025
Mad Cave Studios has appointed Lunar Distribution as the exclusive distributor to the direct market for all of its imprints.