RadioShack board approves bonuses for top execs

http://www.star-telegram.com/2014/03/05/5623574/radioshack-board-approves-retention.html

RadioShack board approves bonuses for top execs
Posted Wednesday, Mar. 05, 2014
By Sandra Baker

FORT WORTH - As RadioShack Corp. reported dismal fourth-quarter results and announced plans to close up to 1,100 stores on Tuesday, its board of directors approved retention bonuses for its top five executives, according to a Securities and Exchange Commission filing today.

The executives, including Chief Executive Officer Joseph Magnacca, must stay working at RadioShack through March 1, 2015 to receive the bonus, the filing said.

“After giving due consideration of the skills and talent deemed critical to the company’s business turnaround efforts currently underway, the difficult business environment and the competition for skilled, talented employees, the Management Development and Compensation Committee authorized and directed the company to enter into retention agreements with certain of its executive officers,” the filing said.

Magnacca will receive a $500,000 retention bonus is he stays for another year. John W. Feray, who recently joined the company as chief financial officer, would receive $275,000; Telvin P. Jeffries, chief human resources officer, $250,000; Troy H. Risch, executive vice president store operations, $275,000; and, Michael S. DeFazio, senior vice president, store concepts, $187,500.