On Thursday, GNC Holdings announced it had appointed board member and former PetSmart executive Robert F. Moran as interim CEO, replacing the departing Michael G. Archbold.
The acting CEO is being paid a monthly salary of $83,000, along with a short-term cash incentive award of as much as $450,000, according to a report by the Pittsburgh Business Times.
In addition, the report, which cited a filing by the U.S. Securities and Exchange Commission, said, Moran will be provided with “reasonable use” of the chain’s corporate aircraft to commute to and from Pittsburgh to conduct company business.
GNC Holdings Inc. is paying interim CEO Robert Moran a monthly salary of $83,000, a short-term cash incentive award of as much as $450,000 and “reasonable use” of the health and fitness retailer’s corporate aircraft to commute to and from Pittsburgh to conduct company business.
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That’s according to a filing by GNC with the U.S. Securities and Exchange Commission. The company parted ways with Michael Archbold, CEO of two years, on Thursday and appointed Moran, a longtime board member, as interim CEO.
According to the filing, the cash incentive award has a target value of $300,000 and is capped at $450,000 and will be earned based on the board’s Compensation and Organizational Development Committee’s evaluation of Moran’s performance from July 27, 2016, through Jan. 31, 2017.
Moran, 65, relinquished his appointments to two board committees during his tenure as interim CEO. Previously, he was chairman and CEO of PetSmart Inc. and prior to joining that retailer in 1999 was president of Toys R Us Canada.
GNC agreed to provide temporary corporate housing in Pittsburgh, and on Aug. 1, 2016, a grant of restricted stock units relating to shares of the company’s common stock with an aggregate grant date fair market value of $1 million. These RSUs will vest, subject to Moran’s continued employment with GNC or his service as a director, in three equal installments on each of the first three anniversaries of the grant date, provided that the RSUs will vest in full upon a change in control of the company.
Archbold is to receive compensation to which he is entitled under the employment agreement with GNC, filed Aug. 8, 2014, in the case of a termination by the company without “cause,” the filing said.
Date: July 29, 2016