Distribution Strategies
CEO to leave Orbitz with $2m `separation' package: report
Orbitz Worldwide Inc.'s outgoing CEO is leaving with a separation package valued at more than $2 million.
Published: 14 Jan 2009
Orbitz Worldwide Inc.'s outgoing CEO is leaving with a separation package valued at more than $2 million.
The online travel agency disclosed the agreement in a regulatory filing, the Chicago Tribune reported.
Last week, Orbitz disclosed that Steven D. Barnhart, who joined the company in 2003, was stepping down as president and chief executive. Barnhart, who is being succeeded by Barney Harford, will remain with the company in an advisory capacity until April, Orbitz said.
On Monday, in an 8-K document filed with the Securities and Exchange Commission, Orbitz said Barnhart's separation package calls for him to receive $2 million representing his base salary and target bonus for 24 months payable in 24 installments beginning after the former CEO formally leaves Orbitz in April.
Ends
Printer-friendly version
Send to friendUpcoming Events
-
Sep 13, 2012 - Sep 14, 2012Las Vegas, USA
-
Sep 26, 2012 - Sep 27, 2012Mumbai, India
Featured Articles
-
A no-brainer: for high-end customers you need a high-quality mobile experience
Interview: When you have high-end customers that are looking for a luxury stay in one of the world’s grandest private house, you have to be able to offer them a seamless experience across all platforms.
-
Official guidelines for social media; yes you need them!
Social media has changed the way businesses engage with customers but what about how firms engage with their employees who use social media. It is becoming increasingly important, even imperative, for companies to establish official guidelines for employees participating in social media, writes Ritesh Gupta.
-
The Weekly Eye: Wednesday May 16 – Tuesday May 22
Facebook flop, Delta debacle, Business boost for Easyjet, Asian movers and more