The circumstances of the CEO exit garnered significant media attention, compelling the accelerated development of a retention plan that gave employees a favorable bargaining position. Each operating region required contract terms based on local employment standards and regulations.
After considering market practices in similar situations, a key employee retention plan and tool to identify recipients and determine appropriate award levels were deployed. Guidance was provided to enhance severance arrangements in select regions (e.g., U.S.) where relevant or required. The overall cost to the organization was calculated on a fixed and contingent basis. The remaining management team and key employees were retained through the search for an acquirer and the successful close of the transaction.