Former Circuit City CEO Gives Back
By George Anderson
Alan McCullough certainly didn’t leave his post as the CEO of Circuit City Stores Inc. as a pauper, but according to filings with the Securities and Exchange Commission (SEC), he has chosen to forfeit $3.3 million in performance-based stock awards.
Mr. McCullough also turned down stock options potentially worth another $3.6 million, according to The Associated Press.
In Circuit City’s filing with the SEC, the consumer electronics chain said Mr. McCullough chose to set aside 400,000 stock options as part of “Chairman’s Awards” to employees “who have the potential to make significant contributions to the achievement of the company’s performance goals.”
Moderator’s Comment: What message will Circuit City employees take from Alan McCullough’s decision to forego a portion of the compensation due him from
the company? What criteria would you use to choose who received stock options through the “Chairman’s Awards” program at Circuit City? –
George Anderson – Moderator