Employees Illness Complicates TerminationProcess A manufacturer located in Orange County, Calif.,is experiencing higher employee benefit costs, declining sales anddecreasing margins on its products. The company, which has 2,500employees, decided to save costs by decreasing the size of itsmanagement team and selecting one of its high-level executives fortermination.
The employee at issue is a 25-year veteran of the company, overthe age of 60, and one of the highest paid executives. He earnsapproximately $175,000 per year and is entitled to a $50,000 bonusper year.
He has a range of stock options, some of which have vested andothers which are due to vest within 60 days. His past jobappraisals do not evidence any significant performance problems,but the appraisals for the executive team are not verythorough.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
