A regulatory filing by H&R Block (HRB) reveals that former CEO Mark Ernst will be receiving a $2.55 million severance, along with full vesting on 762,925 stock options.
Ernst, who was fired last month, as the subprime lending collapse resulted in large losses from their Option One Mortgage Corp. unit, will also receive health benefits paid through December 2010 by the company.
Another former executive, Chief Financial Officer William Trubeck, who stepped down in November, received a severance of $900,000 said the filing.
As a result of the collapse of Option One, new management at the company closed down the unit, which they say will result in somewhere in the neighborhood of $200 million in write-downs and charges.
Sponsored link: The outsourcing every manager requires - Tampa Locksmith
Comment Preview