Out of his own pocket…

March 18, 2005

Two gold star Fridays in a row — that has to be a record here on footnoted.org! Regular readers know that on Fridays, I try to spotlight something good that companies are doing, but still bury in their filings. Unfortunately, it’s not all that easy to do. This week’s example, which a reader brought to my attention, comes from Ingles Market (IMKTE), an Asheville, N.C.-based grocery chain which disclosed in their recent proxy that CEO Robert Ingle actually dug into his own pocket to pay $250,000 to cover the severance expenses of his son-in-law, Tony Federico, who had been vice president of non-foods, but left the company at the end of February 2004. Federico had been making around $130K a year. The proxy notes that “because the company has not historically offered severance to all senior employees, Mr. Ingle provided the funds personally so the company would not bear the cost of his son-in-law’s severance.” Trust me. This is very very rare. And it definitely warrants a gold star.

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