March 06, 2004
FTD sale nets top execs millions
The two top executives at FTD Inc. pocketed a combined $19.3 million from last month's sale of the Downers Grove-based floral marketer to a Los Angeles-based investor for $420 million in cash, according to filings with the Securities and Exchange Commission.
Robert Norton, who remains chairman and CEO of FTD, received $12.8 million, including $10.7 million for his FTD shares and stock options and a $1.2-million bonus for remaining with the company through the merger. Michael Soenen, who is stepping down as president and chief operating officer, collected $6.5 million, including $1.5 million in severance pay and $4.7 million for his shares and options.
This isn't the first bouquet the two received from FTD: The company paid Messrs. Norton and Soenen bonuses of $5.3 million and $3.2 million, respectively, for a 2002 transaction that merged the floral company with FTD.com, its online arm.
A spokeswoman for FTD couldn't be reached Friday
FTD sale nets top execs millions
The two top executives at FTD Inc. pocketed a combined $19.3 million from last month's sale of the Downers Grove-based floral marketer to a Los Angeles-based investor for $420 million in cash, according to filings with the Securities and Exchange Commission.
Robert Norton, who remains chairman and CEO of FTD, received $12.8 million, including $10.7 million for his FTD shares and stock options and a $1.2-million bonus for remaining with the company through the merger. Michael Soenen, who is stepping down as president and chief operating officer, collected $6.5 million, including $1.5 million in severance pay and $4.7 million for his shares and options.
This isn't the first bouquet the two received from FTD: The company paid Messrs. Norton and Soenen bonuses of $5.3 million and $3.2 million, respectively, for a 2002 transaction that merged the floral company with FTD.com, its online arm.
A spokeswoman for FTD couldn't be reached Friday