NEW YORK : U.S. military chip maker Mercury Systems Inc is locked in an unusual dispute with its former chief executive who is demanding a payout, most recently valued at $33 million, because the company tried to sell itself, regulatory filings show.Mark Aslett, who had served as Mercury's CEO since 2007,
NEW YORK : U.S. military chip maker Mercury Systems Inc is locked in an unusual dispute with its former chief executive who is demanding a payout, most recently valued at $33 million, because the company tried to sell itself, regulatory filings show.
"If as CEO you sell your company you typically lose your job, so change-in-control payouts are there to compensate you if you have successfully sold your company," said Marc Hodak, a partner at executive compensation consultant Farient Advisors LLC. In his resignation letter, Aslett said he was entitled to the change-in-control payout even though that change did not occur.
Charles Elson, founding director of the corporate governance center at the University of Delaware, said the language in Aslett's agreement with Mercury was unusual. Mercury said it objected to Aslett's claim to a change-in-control payout because it did not agree with his contention that he resigned for good reason. It did not dispute that he resigned during a potential change-in-control period. The filing does not state what explanation Aslett gave to Mercury as good reason or why the latter disputed it.Mercury, which has a market value of $1.
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