Atlanta, GA, March 30, 2006--Propex Fabrics, according to the Atlanta Business Chronicle, is giving its former CEO a severance deal worth up to $1.7 million.
The magazine, citing a filing with the Securities and Exchange Commission, the company, reported that the company will pay former CEO Ed Stanczak in cash a lump-sum cash severance payment of $700,000 and a lump-sum relocation payment of $300,000.
The company also will reimburse Stanczak up to $300,000 of the actual out-of-pocket expenses he pays to third parties for outplacement services.
The magaxine said that in addition, from March 20, 2007 until June 20, 2008, Stanczak will be a consultant to Propex and its affiliated companies. Each month during the period, Stanczak will get $26,667 in cash as a consulting services fee. This adds up to a bit more than $400,000 for Stanczak's 15 months of consulting work for Propex.
On March 20, Propex Fabrics named Joseph F. Dana president and CEO. Dana joined the company when it acquired SI Concrete Systems Corp. and SI Geosolutions Corp. in January. Stanczak resigned in favor of Dana.
