Alltel sale would fill top execs' pockets
3 groups angling to buy, paper says
By Bill W. Hornaday (Contact)
Scott Ford, CEO of Alltel, speaks to company employees outside the company's Little Rock headquarters in this 2005 file photo.
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As Alltel Corp. continues to be the rumored target of a potential sale, a key motivator has gotten little notice.
Under a change-of-control clause, Chief Executive Officer Scott T. Ford stands to get as much as $89 million if he were to leave the Little Rock-based telecom within three years of the sale and under certain conditions.
If the top five executives were to depart under such conditions, the price tag could be nearly $250 million.
Change-of-control clauses — found in Alltel filings with the Securities and Exchange Commission — would trigger tens of millions of dollars in payments to Alltel’s top officers regardless of whether they stay with the Little Rock-based company.
For more information see today's Arkansas Democrat-Gazette.
Subscribers can read the story here on ArkansasOnline.
This article was published Thursday, May 10, 2007.
