Wild Oats CEO to get bonus |
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Thu, 01 Mar 2007 01:21
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BOULDER, Colo. (AP) - Wild Oats Markets Inc. interim CEO Gregory Mays has been offered a $750,000 bonus if he stays on until the sale of the natural foods grocer to Whole Foods Market Inc. closes, according to a regulatory filing.Meanwhile, 318 other employees, mostly at Wild Oats corporate headquarters in Boulder, will be offered a total of more than $4 million in bonuses to stick with a combined company through a transition period, according to documents filed with the Securities and Exchange Commission.They would be offered the opportunity to receive up to 20 percent of their salaries. Employees who accept would receive 30 percent of the bonus when the sale closes and 70 percent on either Nov. 21 or when the employee is terminated, according to an SEC filing Tuesday.Whole Foods does plan to keep some Wild Oats staff, but details won't be known until after the sale closes, Whole Foods spokeswoman Amy Schaefer said.A filing Monday listed the bonus Mays would be offered and said his monthly compensation as of Feb. 1 doubled to $100,000.Wild Oats also granted Mays 20,000 fully vested restricted stock units, plus 10,000 more that would vest when the deal closes.Mays, board chairman at Wild Oats, became interim chief executive after Perry Odak resigned in October. Then Chief Financial Officer Robert Dimond gave notice he was stepping down, effective Dec. 31.Whole Foods CEO John Mackey called Mays on Jan. 4 to discuss a possible merger, according to an SEC filing Tuesday.Whole Foods, based in Austin, Texas, said Feb. 21 that it would pay $565 million cash for Boulder-based Wild Oats.The merger was expected to close in April.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Wild Oats to hire 250 for new store 