Former AOL Execs Falco, Grant To Draw Salary, Bonuses Through 2010
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As AOL (NYSE: TWX) heads toward its spinoff from Time Warner, the former team of Randy Falco (pictured, left) and Ron Grant, who were ousted as AOL’s CEO and replaced by Tim Armstrong last March, will continue to draw salaries and bonuses through 2010, SAI reports (via MediaMemo).
SEE ALSO: AOL’s Coming Big Layoffs & Restructuring Costs: $200 Million
According to an SEC filing, Falco, the former CEO, will be paid a $1 million salary through next year, along with $7.5 million in bonuses during that period as well. At the same time, Grant, who served as COO, will get his $750,000 salary and $3.3 million in bonuses.
In addition to the payouts, we noted last week that AOL told the SEC that it expects to incur additional restructuring charges of up to $200 million, most of which will come during Q1 2010, as the spin-off is set to occur this quarter.
Posted In: Companies, AOL, Time Warner
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