Station Casinos ends CFO's employment |
|
|
|
Published
:
Fri, 30 Mar 2007 23:10
|
NEW YORK (AP) - Las Vegas gaming company Station Casinos Inc. said Friday in a regulatory filing it has terminated Chief Financial Officer and Treasurer Glenn C. Christenson's employment with the company.Also Friday, Thomas M. Friel, 43, was named as chief accounting officer and treasurer. Friel replaces Christenson as the company's principal financial officer.Under the terms of Friel's five-year employment agreement, he will receive an annual base salary of $500,000 and an annual performance-based cash bonus.According to the Station Casinos separation agreement with Christenson, effective Friday, the former CFO will receive $85,000, or one month of base pay, and $98,077 in accrued vacation pay.In February, Station Casinos agreed to be acquired by a private equity group that includes members of its founding family for about $5.4 billion. Fertitta Colony Partners LLC offered $90 per share for the company.Under the agreement, Christenson will provide consulting services to the company until the earlier of March 31, 2009, and the company's planned acquisition. He will receive a monthly consulting fee of $20,000.If the merger is terminated due to a superior proposal, Station Casinos said Christenson's employment agreement will be restored.Station Casinos shares dipped 2 cents to close at $86.57 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
Print this Story
Station Casinos to be bought for $5.4B 