Scottish Re has announced a series of incentives to try to hold on to key staff during the possible future sale of the company.
The board has approved a senior executive success plan, designed specifically to retain essential personnel during a period which could well see the reinsurer sold.
The plan is limited to a select number of executives, including Paul Goldean, president and CEO, Dean Miller, CFO, and Cliff Wagner, CEO of Scottish Holdings.
Guaranteed payouts ranging from $300,000 to $100,000, are central to the plan. In addition, each executive will receive further payments to the extent that the sale price of the company exceeds certain thresholds established by the board.
However, if any of the executives leave the company prior to the completion of the deal, they will forfeit their right to any payments under the
plan.
The board has also amended the employment agreement between Paul Goldean and the company, which sees Goldean receive an annual base salary of $550,000.
Read also...
Hannover pulls out of Scottish Re race
SCOR to bid for Scottish Re
Scottish Re faces class action
