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Skullcandy, Inc. Message Board

  • ggrail ggrail Jul 22, 2013 11:48 AM Flag

    Sweetheart Deal

    So Sargente, VP US Sales decides to leave on short notice (Aug18) and here's the deal he gets for blessing us all with his presence for the next 3 weeks

    (i) a transition bonus payment of $37,914.23 for continuing his role through the Separation Date;

    (ii) a severance payment of $63,190.38, which will be paid within fourteen days following the Separation Date; and

    (iii) premiums to continue COBRA coverage for ninety days following the Separation Date.

    He notified management on July 19th and he gets all this? No wonder this company is as dysfunctional as SKUL has been the past couple of years.

    If they protected shareholders as well as they protect senior employees perhaps shareprice would mean something to them. I'm out.

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    • 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 None of the executives have been replaced by any new hire.

    • spotifyjim Jul 22, 2013 2:21 PM Flag

      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.

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