The former chief executive of PeopleSoft has received a severance package of more than US$16m (£9m), following his ousting earlier this month from the embattled software company.
Craig Conway, who fought a hostile takeover battle with software rival Oracle for 15 months, was axed for allegedly being less than truthful about the effects the protracted battle was having on the company’s sales.
In his severance package, Conway received US$3.2m (£1.8m) in salary and bonuses, as well as accelerated payments on his restricted stock worth US$13.3m (£7.3m), based on PeopleSoft’s current share price.
He also received an additional sum for stock options that would have vested within the next two years, according to a filing last Monday with the US Securities and Exchange Commission.
If Oracle’s takeover of People-Soft succeeds, it will create one of the largest HR software providers in the world.