Wow, the team at firetyeburt.com were completely shocked by the expense Kinross reported regarding the severance package to disgraced CEO Tye Burt. After a very public backlash Tye Burt was fired for his incredible value destruction and now we learn that he was paid a severance of at least $16.4 million. That is on top of the more than $60 million he had already received AND the huge amount of stock they no doubt allowed him to vest at the end of his reign.
(As noted on this site already, at the end of 2011, Tye Burt’s “total at-risk value of common shares and RSUs” was $10.674-million.)
This is an incredible payoff, perhaps without precedent. Tye Burt’s former colleague Aaron Regent, who ran the larger and more successful company Barrick Gold only received $12 million in severance. (Barrick disclosed this in their 2012 Q2 report).
THE KINROSS CHAIRMAN, JOHN OLIVER, SHOULD BE ASHAMED FOR NEGOTIATING SUCH A DEAL. This may have been expected from a glorified middle manager of a bank.
We hope this is the final chapter in a ridiculous saga of Tye Burt incompetence, but hopefully with this absurd conclusion, Mr Oliver will soon too be on the way out. Good riddance.
We appreciate the progress the company has made and look forward to further changes brought by Paul Rollinson. Hopefully, .