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Great Wolf paying interim CEO $510,000
Madison-based Great Wolf Resorts will pay
interim CEO Randy Churchey $510,000 this year, the company reported
in a filing with the Securities and Exchange Commission.
Churchey was named as interim CEO after the former CEO, John Emery
resigned in May. Churchey had been a director of Great Wolf since
it went public in 2004, and formerly served as president and CEO of
RFS Hotel Investors Inc.
The compensation is subject to annual review and periodic increases (but not decreases), if any, as determined by the compensation committee of the company's board of directors or, at the discretion the full board of directors, the filing states.
In addition, if Churchey still is interim CEO at the end of 2008, the compensation committee will re-evaluate Churchey's entire compensation for 2008 and consider whether any additional compensation should be paid to him "to accurately reflect" Churchey's "contributions to the company," the filing states.
Under the employment agreement, Churchey is eligible for annual bonuses of at least $510,000 and such additional amounts as determined by the compensation committee, grants of options to purchase Great Wolf common stock as determined by the compensation committee, and participation in employee benefit plans, programs and policies applicable generally to senior executives of the company. Great Wolf also agreed to take reasonable actions to secure housing here for Churchey at the company's expense.
Great Wolf can fire Churchey or he can resign at any time, but if either happens, Great Wolf is obligated to pay Churchey an amount equal to his then-base salary and annual bonus, reimburse him for expenses he had already incurred and which would have otherwise been reimbursed but for such termination of employment, and make available to Churchey benefits payable under the company's employee benefit plans, programs and policies which he otherwise has a non-forfeitable right to receive under the terms of such plans, programs and policies independent of his rights under the employment agreement, the filing states.
The employment agreement provides that the company and Churchey will enter into a permanent CEO employment agreement, should the company appoint Churchey as its permanent CEO, provided, however, that Churchey's compensation in 2008 will be the same as that approved for 2008 for Emery.
Emery announced his resignation early this month to pursue a position in the private equity industry closer to his Virginia home. He has been commuting between Virginia and Madison for more than four years. Emery agreed to assist Churchey while the company searches for a new permanent CEO.
File photo
Madison-based Great Wolf Resorts, which operates Great Wolf Lodge in Wisconsin Dells, will pay interim CEO Randy Stuckey $510,000, according to an SEC filing.
