TJX reaches settlement with executive |
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Wed, 04 Apr 2007 23:28
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NEW YORK (AP) - Discount department store operator TJX Cos. said Wednesday it will pay $175,000 to former executive Alex W. Smith under a settlement agreement and mutual general release.Smith, formerly a senior executive vice president and group president, left TJX Cos. to join Pier 1 Imports Inc. as president and chief executive in late January.At the time, TJX said Smith violated a noncompete clause in his contract to take the job. Pier 1 responded by filing a lawsuit against TJX in state district court in Fort Worth.Under terms of the settlement, TJX will pay Smith $175,000 in two installments, while Smith will forfeit all remaining amounts that were or could be payable under TJX's management-incentive plan, long-range performance incentive plan and supplemental executive retirement plan. The company and Smith agreed that the non-compete clause wouldn't apply to his new job, but that other restrictions, including those on poaching TJX employees, will continue.The agreement is revocable by Smith until April 5.TJX said Pier 1 dismissed with prejudice its related civil action against TJX. Pier 1 could not immediately be reached for comment.TJX shares fell 15 cents to $27.51 during aftermarket electronic trading, having closed earlier up 5 cents at $27.66 on the New York Stock Exchange. Pier 1 shares rose 3 cents to $7.27 in aftermarket electronic trading, after closing up 8 cents at $7.24 on the NYSE.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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