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One company getting tough on its former CEO, Ali Velshi here Minding Your Business. Good morning, Ali.
Good morning, John. I used to love er..looking into the catalogues of this company, going through the store of Sharper Image. It was founded a long time ago, a guy named Richard Thalheimer founded it in 1977. And until last September, he was the company's CEO. Now, Richard Thalheimer had a deal that he signed in 2002 that said when he retired, he would get a retirement package that came to no less than 5 million dollars. Turns out that his retirement package is gonna be less than 5 million dollars, because the company is cutting more than 3 million dollars out of it, saying that the options that he got which he did very well on more than offset the actual package he was going to get. Now the company is not saying whether anything to do with those options was wrong, however, it is investigating its options granting practices for discrepancies. In these days, John, discrepancy tends to mean backdating but the company isn't commenting on that. We're getting all of that from an SEC filing.
Over at Friendly's ice cream, here's an interesting story there's been shareholder who's been piling up on shares. He has got more than a million shares now. A guy named Sardar Biglari, he's from Texas. He had been very critical of the company's management saying that it's got poor corporate governance, poor operations, poor stock performance and a weak stock price, and he'd been wanting a seat on the board for the last few months. Well, they gave him one last month on the condition that he doesn't solicit votes for things that the board doesn't agree with. Now I should tell you this is where board problems start. The idea is that if you wanna come on this board, you can't complain or do anything about the things that you don't like. So good on this...
SEC abbr.
Securities and Exchange Commission
证券交易委员会
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