Ronald Boire, the recently cashiered CEO of Barnes & Noble, will receive $4,825,600 in a settlement with the company according to an exhibit with the firm’s 8-K filing with the SEC disclosing Boire’s departure. Weirdly (since the full agreement was publicly filed with the SEC), the settlement required that the parties keep "the existence or terms of this release" confidential.
As part of the settlement, Boire is forfeiting all of the stock he was granted by the company, some 655,178 shares. The shares were restricted (meaning they probably had a period of time during which they could not be sold), and the buy-out reflects a discount from Monday’s market value of roughly $6.75 million.
The settlement provided for a mutual release, and that this statement appear on the 8-K: "The Company regrets that things did not work out for the longer term between Mr. Boire and the Company. The Company appreciates Mr. Boire’s efforts on behalf of the Company, and the Company wishes Mr. Boire the best going forward."
Boire was terminated in August (see "Barnes & Noble Cans CEO"), and former CEO Leonard Riggio came back to serve as interim CEO. A few weeks later, Riggio blamed “unprecedented” returns to publishers and resulting out-of-stocks and reduced bookseller headcounts, among other factors, for disappointing results for the chain (see "B&N Sees 'Terrible' Retail Environment").
In 'Confidential' Agreement
Posted by Milton Griepp on November 1, 2016 @ 4:56 am CT
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