Good to see him leave.CryptoLogic CEO paid $510,000 after resigning
00:00 EDT Thursday, April 10, 2003
TORONTO -- The former president and chief executive officer of CryptoLogic Inc., Jean Noelting, got a $510,000 payment on top of his salary and other compensation after he resigned last July, according to documents released yesterday.
Mr. Noelting left CryptoLogic within weeks of announcing the 100-per-cent writedown of its investment in Sports.com, a British on-line gaming company that went into a form of bankruptcy, and issuing substantially lower financial guidance for its 2002.
In addition to his golden parachute, Mr. Noelting received $202,166 in base salary and $6,000 in other compensation for the 2002 financial year. He also retained ownership of 250,000 share-purchase options expiring in January, out of 600,000 he received when he became president and CEO in January, 2000.
In 2001, Mr. Noelting received $360,577 in base salary, a $216,200 bonus and $12,000 in other compensation, according to documents being sent to CryptoLogic shareholders ahead of the company's May 1 annual meeting