Reuters
Vector Aerospace fires top three executives
Friday November 28, 8:12 am ET
MONTREAL, Nov 28 (Reuters) - Vector Aerospace (Toronto:RNO.TO - News), a provider of aviation repair and services, said late on Thursday it had fired its three top executives in an attempt to save C$10 million ($7.7 million) in termination costs mandated by their contracts.
The company said it had terminated the employment of chief executive Mark Dobbin, chief operating officer Paul Conway and chief financial officer Max Parsons.
The firings came ahead of a special shareholders meeting on Friday at which the current board of directors is expected to be removed. The board change could trigger change-of-control provisions in the executives' contacts that could cost the company up to C$24 million.
Terminating their contracts beforehand reduces that figure by C$10 million, the St. John's, Newfoundland, company said.
"Having been unable, despite ongoing efforts over three months, to reach a mutually acceptable resolution of issues pertaining to management compensation claims the board concluded that further efforts would not be fruitful or in the interests of Vector shareholders," the company said.
Vector Aerospace fires top three executives
Friday November 28, 8:12 am ET
MONTREAL, Nov 28 (Reuters) - Vector Aerospace (Toronto:RNO.TO - News), a provider of aviation repair and services, said late on Thursday it had fired its three top executives in an attempt to save C$10 million ($7.7 million) in termination costs mandated by their contracts.
The company said it had terminated the employment of chief executive Mark Dobbin, chief operating officer Paul Conway and chief financial officer Max Parsons.
The firings came ahead of a special shareholders meeting on Friday at which the current board of directors is expected to be removed. The board change could trigger change-of-control provisions in the executives' contacts that could cost the company up to C$24 million.
Terminating their contracts beforehand reduces that figure by C$10 million, the St. John's, Newfoundland, company said.
"Having been unable, despite ongoing efforts over three months, to reach a mutually acceptable resolution of issues pertaining to management compensation claims the board concluded that further efforts would not be fruitful or in the interests of Vector shareholders," the company said.
