JustRalph
10-19-2008, 11:52 PM
http://www.pittsburghlive.com/x/pittsburghtrib/business/s_593925.html
Edson "Ted" Arneault, chief executive of MTR Gaming Group will cash out with about $12 million when he exits the West Virginia casino and racing company in two weeks.
And he gets to keep the house.
A recent securities filing shows Arneault, who led the parent of Mountaineer Casino, Racetrack & Resort for 13 years, will receive as much as $11.9 million. His amended employment contract was to expire Dec. 31, but is being terminated on Oct. 31 to make way for Arneault's successor.
"Based on his contract, he receives more money because it was terminated early," said Tamara Pettit, spokeswoman for MTR, on Friday. The company and Mountaineer are based in Chester, W.Va.
Most of Arneault's severance compensation is composed of a trust whose value in June -- before the slide in the stock market -- was about $11.5 million, said a securities filing. In addition, he is to receive a $400,000 bonus.
Arneault, 61, told the company in April that he did not want to renew his two-year contract when it expired at the end of this year. He remains the second-largest owner of MTR stock, with nearly 1.9 million shares, or more than 6.8 percent.
The house in question is the corporate residence in New Cumberland, W.Va., which is about 10 miles south of the corporate headquarters in Chester.
Pettit could not provide a description of the house or its value, but noted Arneault had been living there during his service as chief executive. He also gets to keep all the furnishings, said the filing.
"This will actually save MTR Gaming cash and having to keep up the property," she said.
Arneault will be succeeded by Robert Griffin, who was senior vice president of operations at Isle of Capri Casinos Inc., of St. Louis. Griffin, who was tapped Sept. 23, was to become president and CEO of MTR Gaming Jan. 2, if not sooner, the company said.
After stepping down as CEO on Nov. 1, Arneault will remain a consultant for 2 1/2 years and be paid about $1.3 million for those 30 months.
~more at the link~
Edson "Ted" Arneault, chief executive of MTR Gaming Group will cash out with about $12 million when he exits the West Virginia casino and racing company in two weeks.
And he gets to keep the house.
A recent securities filing shows Arneault, who led the parent of Mountaineer Casino, Racetrack & Resort for 13 years, will receive as much as $11.9 million. His amended employment contract was to expire Dec. 31, but is being terminated on Oct. 31 to make way for Arneault's successor.
"Based on his contract, he receives more money because it was terminated early," said Tamara Pettit, spokeswoman for MTR, on Friday. The company and Mountaineer are based in Chester, W.Va.
Most of Arneault's severance compensation is composed of a trust whose value in June -- before the slide in the stock market -- was about $11.5 million, said a securities filing. In addition, he is to receive a $400,000 bonus.
Arneault, 61, told the company in April that he did not want to renew his two-year contract when it expired at the end of this year. He remains the second-largest owner of MTR stock, with nearly 1.9 million shares, or more than 6.8 percent.
The house in question is the corporate residence in New Cumberland, W.Va., which is about 10 miles south of the corporate headquarters in Chester.
Pettit could not provide a description of the house or its value, but noted Arneault had been living there during his service as chief executive. He also gets to keep all the furnishings, said the filing.
"This will actually save MTR Gaming cash and having to keep up the property," she said.
Arneault will be succeeded by Robert Griffin, who was senior vice president of operations at Isle of Capri Casinos Inc., of St. Louis. Griffin, who was tapped Sept. 23, was to become president and CEO of MTR Gaming Jan. 2, if not sooner, the company said.
After stepping down as CEO on Nov. 1, Arneault will remain a consultant for 2 1/2 years and be paid about $1.3 million for those 30 months.
~more at the link~