http://www.dmregister.com/news/stories/c4788998/14285299.html

Maytag tells chief's salary Hadley's pay tops $83,000 a month, or $1 million yearly. By WILLIAM RYBERG Register Business Writer 04/04/2001

Maytag leader Leonard Hadley receives a monthly salary of more than $83,000, about 33 percent more than the CEO he came out of retirement to replace, company records show.

Hadley, retired as Maytag's chairman and CEO in 1999, returned to run the company in November, after Lloyd Ward resigned from the top jobs after 15 months.

The company said the departure stemmed from differences between Ward and the board of directors over the Newton-based appliance maker's strategy and direction.

Hadley's monthly salary as Maytag's interim leader is $83,333.33, or about $1 million a year, according to Maytag's annual proxy statement, filed Tuesday with the U.S. Securities and Exchange Commission.

Ward's annual salary was $750,000.

The proxy says Ward received a cash severance payment of $2 million, about $300,000 more than reported in a previous Maytag filing.

Jim Powell, a Maytag company spokesman, said the new figure includes the value of stock options that Maytag bought from Ward as part of the severance agreement. The dollar value wasn't known at the time of the previous filing.

The company says it is searching for a new leader.

-- Anonymous, April 04, 2001