The Kansas City Business Journal reports that former McGladrey President (and former Andersen Global Managing Partner) C.E. Andrews had his employment contract terminated by H&R Block yesterday. But don't worry, his landing will be nice and soft:
According to a separation agreement, Andrews will receive cash payments totaling $957,226, minus deductions. He also will receive $3 million for successfully managing the sale of RSM McGladrey. Kansas City-based H&R Block (NYSE: HRB) sold its accounting services subsidiary to Minneapolis-based auditing firm McGladrey & Pullen LLP on Nov. 30 for $610 million. The sale had been announced in August, about a year and a half after the two companies were embroiled in an ugly legal dispute that involved McGladrey & Pullen trying to terminate its service agreement with RSM. In addition to the cash settlement and the payment for managing the RSM sale, Andrews will receive $1,000 a month for outplacement services for as long as 15 months. He agreed to a two-year noncompete and nonsolicitation provision. Andrews also is entitled to accelerated vesting of stock options to buy 20,292 shares of H&R Block common stock at $17.33 a share, 15,431 shares at $16.04 a share, and 11,019 shares at $12.59 a share.