Star Equity Fund urges GEE Group to revise executive employment agreements
Updated
Updated · The Manila Times · Apr 29
Star Equity Fund urges GEE Group to revise executive employment agreements
2 articles · Updated · The Manila Times · Apr 29
Star Equity Fund, a 5.4% shareholder, calls for removal of excessive severance and change in control provisions that could trigger at least $8 million in payments to GEE Group executives.
The fund argues these 2023 agreements, covering CEO Derek Dewan, CFO Kim Thorpe, and COO Alex Stuckey, impose open-ended financial obligations and hinder maximizing sale proceeds for shareholders.
Star Equity Fund previously applauded GEE Group’s decision to hire Roth Capital for strategic alternatives, but insists that revising executive contracts is crucial to protect shareholder value amid ongoing sale considerations.
Will GEE Group's board side with executives or shareholders on the $8M severance pact?
Why did GEE Group approve 'anti-shareholder' contracts amid a 96% stock collapse?
With its stock so low, can GEE Group truly afford its executives' golden parachutes?
Is GEE Group the next domino to fall in a rising wave of M&A activism?
How do 'unlimited tax gross-ups' secretly inflate executive severance costs for shareholders?