Landau Gets $1.2 Million To Walk
Documents filed with the SEC show former Dial Global co-CEO David Landau walked away from the company with a very nice pay package. He'll get $600,000 per year, for two years. Landau will also receive unspecified benefits paid for by Dial Global. It was announced in early February that DG would no longer operate with three CEOs. Landau resigned, Spencer Brown was named CEO, and Ken Williams was named President, reporting to Brown. Landau also has 1.6 million stock options at an exercise price of $3.27 per share. Landau can cash in all the options at that price on August 8 or 15 percent immediately. Times are tough at Dial Global. The next debt covenant is due February 28. There are reports the company lost $69 million last year and DG recently delisted from NASDAQ.