What did you get the last time you were let go from a job? If you were lucky, your co-workers probably took you out to lunch at Applebees and might have bought you a “Good Luck” $10 Starbucks card. But for the outgoing chief financial officer (CFO) at Sheldon Adelson’s Las Vegas Sands Corporation, the goodbye perks have been a little better; say, $7.7 million worth.
CFO In Stock
“Retiring” CFO Kenneth Kay – brought in for a six-month transitional position at a staggering $1.2 million salary – was apparently given the stock as an additional job bonus and can probably afford a brief work break now as he counts his cash. Nice work if you can get it. Kay made the massive cashout just one day after it was announced he would be leaving the company.
To make the big bucks stock trade, Kay sold off 147,000 shares of Las Vegas Sands stock at $52.28 per share on the New York Stock Exchange. Once he completed the sale, Kay retained fewer than 1,000 shares of his former employer’s stock.
Nice Benefit Package
Besides his million-dollar-plus salary for a half-year’s work, Kay also received a pro-rated bonus for 2013 and ongoing health care benefits for up to one year or until he is newly employed. What’s the rush with $7.7 million in the bank?
No word from Las Vegas Sands on why the short-term employment, or extremely generous bonus package was given to Kay.
Las Vegas Sands has been the subject of investigations by the Securities and Exchange Commission (SEC) and U.S. Department of Justice of late, as both organizations look into allegations of violations of the Foreign Corrupt Practices Act following a wrongful termination lawsuit by a former CEO of Sands’ Macau casino ops. We’re guessing he did not get $7.7 million in stock severance when he was let go.