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.
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