Ex-Boulder Brands CEO’s severance includes $3.6M lump sum
BOULDER – Former Boulder Brands chief executive Stephen Hughes is receiving a severance package that includes a $3.6 million lump sum payment, according to a recent regulatory filing made by the company.
Hughes was replaced as chairman of the board of Boulder Brands (Nasdaq: BDBD) in March and then resigned in June amid decreased sales expectations and a sinking stock price. Chief operating officer James Leighton is serving as interim CEO while a replacement is sought.
According to the regulatory filings, Hughes and Boulder Brands inked the separation agreement on July 14. In addition to the lump sum, Hughes will be paid $34,273.55 in unused vacation time.
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Boulder Brands shares climbed 3 percent in Wednesday trading to close at $7.08, still more than 50 percent below their 52-week high.
Hughes has been far from the only casualty as the company tries to right the ship. Earlier this month, Boulder Brands announced that the company would slash 15 percent of its salaried jobs.
Boulder Brands owns a lineup of food brands that includes Udi’s, Earth Balance and Smart Balance.
BOULDER – Former Boulder Brands chief executive Stephen Hughes is receiving a severance package that includes a $3.6 million lump sum payment, according to a recent regulatory filing made by the company.
Hughes was replaced as chairman of the board of Boulder Brands (Nasdaq: BDBD) in March and then resigned in June amid decreased sales expectations and a sinking stock price. Chief operating officer James Leighton is serving as interim CEO while a replacement is sought.
According to the regulatory filings, Hughes and Boulder Brands inked the separation…
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