Reader's Digest Chairman Switched Employment Contract One Day Before Sale (posted 11/29)
New contract called for chairman to receive a $4 million severance payment if the company changed hands before his retirement. [NYP]
A day before Ripplewood Holdings made its $17-a-share offer to take Reader's Digest Association private, the company's chairman Thomas O. Ryder replaced his old employment contract with a new one that gives him a gigantic golden parachute worth more than $4.5 million, according to a recent SEC filing.
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