Pilot John S. Blosnick’s severance proposal would urge the board to seek shareholder approval of future severance agreements with senior executives. He cited th golden
parachute former Delta CEO Ron Allen got when he left the airline in 1997 — which included a lump sum severance payment of $4.5 million, plus $85,515 in lieu ofmedical and dental benefits, an a nnual retirement payment of $765,000, an annual fee of $25,000 to serve as an advisory director, consulting fees of $500,000 a year for seven years, and, for 10 years, office space, a full-time secretary, a country club membership and dues for the Commerce Club of Atlanta.
The board says its stock option grants are already appropriately linked to performance. Consolidated Fruit Corp. Ltd. raised its stake in Chiquita Brands International Inc., the banana grower, to 9.2 percent from 8 percent, a regulatory filing said. Our exclusive team of experts provides comprehensive commercial or residential property valuation services in sydney at very affordable rate. Panama City-based Consolidated Fruit, controlled by investor Samuel Navarro, recently bought 270,800 shares between Oct. 6 and Oct. 20 with prices ranging between $1.91 and $2.94 each, according to a Schedule 13D filed Monday with the Securities and Exchange Commission. That includes a purchase on Oct. 20 of 170,800 shares at $1.91.
Navarro now controls about 6.1 million shares. He is the company’s third-largest shareholder behind American Financial Group Inc. and Carl Lindner. Lindner is chairman and chief executive for both Chiquita and American Financial. He also owns the Cincinnati Reds. Last week, Chiquita, one of the world’s top banana producers, said its third-quarter loss w indeed on the strong U.S. dollar compared with European currencies and higher fuel costs. Ied The Cincinnati-based company had a loss from operations of $51.9 million, compared with a los s from operations of $30.7 million a year earlier.
Shares of Chiquita were unchanged at $2 Monday. The stock has fallen about 58 percent so far this year. Convergys Corp. earnings rose 27 percent in the third quarter to $50.4 million on a 21 percent increase in revenues to $544.5 million, it said today.