They all (all executives at Skullcandy) have guaranteed severance packages. If they quit they don't receive severance generally but the forced move to another location is considered termination in effect. Agree with the other posters that Skullcandy got off cheap, the cost is negligible. Hoby is cleaning ship and I agree with Mike that the thoughts of a takeover appear more likely every day. We are one Benzinga or Bloomberg rumor away from a big spike. Talks always inevitably leak. None of the executives have been replaced by any new hire.
Agree with tdharris, payoff seems relatively insignificant. More significant is Hoby seems to be confident making big changes to set things up the way he wants them. Big changes were needed and hopefully this bodes well for executing his turnaround plan.
Doesn't seem too egregious at all. $100K and some Cobra premiums (peanuts relatively speaking) to part ways with a Sales VP? Bravo Hoby and the new CFO. Great work guys getting the Sales function pointed in the right direction.
If he left for poor performance he should not have received that. If he left of his own volition he should not have received that. When firms continue to reward poor performance you seem to get more poor performance.
Is the sales function pointed in the right direction or is it the same revolving door. This one has been a big loser in my portfolio and I see no real turnaround as yet so will be getting rid of the few thousand shares I have left. Live and learn.