Golden Parachutes Outlined For BJ's Wholesale Execs
Westborough-based BJ's Wholesale Club will owe its executives nearly $28 million in severance and other benefits should those executives lose their positions when the company is sold to private owners later this year.
Laura J. Sen, president and CEO of the company, would receive $14.6 million of that figure, with several other executives receiving the remainder, the company disclosed in a recent filing with the SEC.
Sen's payout would be made up of cash severance, target incentives, stock awards, auto allowance and life insurance and health benefits.
Leonard Green & Partners LP and funds advised by CVC Capital Partners have offered to take the company private for $2.8 billion. Shareholders still must vote to approve the deal, which would come with a cash payout of $51.25 per share.
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