Former Harris CEO to Receive $900k Severance

Harris Interactive's former President and CEO Kimberly Till is to receive a $900k severance payment, while former CFO Pavan Bhalla gets $127k.

Earlier this month, Harris announced that Till had left and been replaced on an interim basis by former COO Al Angrisani, who was brought back last month to advise the troubled company on a turnaround strategy.

Since Till's arrival at the company in 2008, the firm's fortunes had continued to decline, culminating in a 9% drop in quarterly revenue to $38.1m in the period before her departure, which Harris describes as 'terminated by mutual agreement'. Last week, the Nasdaq Stock Market announced it had given Harris a notice of a possible delisting, following a drop in its share price below $1.

Till is to receive a payoff of $900k (less taxes), with a lump sum of $120k payable in December, and then nineteen equal monthly instalments of $40k payable from next January, followed by a single final instalment of $20k in August 2013; plus the cash equivalent of 12 months of the company's health and medical premiums, and money for accrued and unused vacation time. In exchange, she carries certain obligations of 'confidentiality, non-solicitation, and non-competition'.

Separately, Bhalla, who has left his role after just eight months at the company, will receive a $127k lump sum in December, and the cash equivalent of eight months of the company's share of health and medical premiums.

Web sites: www.harrisinteractive.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.

• Harris Interactive Inc.
• All news
• MrWeb info