Compensation for three top executives at General Cable Corp. will now be determined by its board of directors under a new plan announced by the company.
CEO Gregory Kenny and General Counsel Robert Siverd terminated previous employment agreements with General Cable (NYSE: BGC) and agreed to have their compensation and benefits set by the board's compensation committee, according to a filing with the Securities and Exchange Commission. CFO Brian Robinson also entered into a separate agreement to have his compensation determined by the board.
General Cable also adopted a new severance plan to cover all its U.S.-based executive officers, which will take effect Jan. 1, 2008. In a news release, the company characterized the plan as more simplified that its previous executive severance agreements.
Last year, Kenny recorded total compensation of about $3.4 million, and Siverd recorded about $1.1 million. Full year compensation information isn't yet available for Robinson, who joined the company in December 2006.
Highland Heights-based General Cable is a manufacturer of wire and cable products used by the energy, industrial and communications markets.
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