* Ex-CEO to remain an employee until June
* Stepped down after probe found ethics breach
April 3 (Reuters) – The former chief executive of
SNC-Lavalin Group, who resigned last week after an
internal investigation found he had broken company rules, is
leaving the company with a “departure arrangement” worth about
C$5.0 million ($5.1 million).
Among the items in former CEO Pierre Duhaime’s package, laid
out in a proxy circular, are: C$1.9 million in salary, an
additional two years’ pension credit with current value of about
C$921,000, and about C$55,000 that will be put toward his
professional development.
Duhaime will remain an employee of SNC, one of the world’s
largest engineering firms, until late June 2012, though he will
have no responsibilities. Most of the package will be paid out
over the following two years.
Duhaime stepped down after an investigation found he had
violated the company’s code of ethics by authorizing about $56
million in payments for projects that did not exist.
“The board of directors carefully considered the best
interests of the corporation in the circumstances, while taking
into account a range of relevant factors,” said the circular, in
describing the terms of Duhaime’s departure.
The agreement includes non-compete, non-solicitation and
confidentially provisions with fixed terms. Duhaime has also
released the company from liability, and is bound by a
non-disparagement agreement with no expiration date.
The board said it is also invoking a clawback policy, and
wants Duhaime to pay back C$184,000 in bonuses.
