After Checking Out the Payday for Centerpulse's Managers all we can say is... Make Sure Ray Elliott is on the Christmas Card List
BY EDITOR, AUGUST 25, 2003
Max Link, Centerpulse’s CEO, could get severance pay of nearly five million Swiss francs ($3.53 million) if he leaves the firm within a year of Zimmer's takeover. (Centerpulse, by the way, has declared that its recommendation to shareholders to vote for Zimmer’s bid is unconditional.) According to documents filed as part of the transaction, Centerpulse’s executives will get the following payments if their contracts are terminated by Zimmer within 12 months of a change of control at Centerpulse or if the managers quit because their “position has worsened significantly”. Max Link gets 4.95 million francs plus social security benefits. Mike McCormick, head of Spine-Tech division USA, gets $1.26 million; David Floyd, head of U.S. orthopaedics division, $1.53 million; Richard Fritschi, head of orthopaedics in Europe, Asia, and Latin America, 1.65 million Swiss francs; Steven Hanson, head of dental division, $1.35 million; Chief Financial Officer Urs Kamber, 1.85 million francs; Matthias Moelleney, head of human resources, 1.53 million francs; Hans-Rudolf Schuerch, 918,000 francs; Chief legal counsel Christian Stambach 1.33 million francs; Beatrice Tschanz, head of communications, 1.53 million francs; Thomas Zehnder, head of Spine-Tech global coordination and biologics, 1.6 million francs.
Go team go. Particularly for Beatrice Tschanz, head of communications – 1.53 million francs or about $1.1 million. Who says there's no money in IR?
