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Executives offered incentives to stay until buyout completed

Scottish Re is offering its top executives pay packages if they stay with the company at least until a buyout is completed.

According to a filing with the Securities and Exchange Commission, chief executive Paul Goldean would receive a payout of $300,000, as well as an annual base salary of $550,000, effective from August 1, the day after he took over on an interim basis.

Mr. Goldean had been executive vice president and general counsel at the reinsurance company, which has its North American headquarters in Charlotte. Three other executives are to receive guaranteed payouts of $200,000 each, and a fourth would receive $100,000, according to the SEC filing.

In late July, Scottish Re suspended its dividend and hired Goldman Sachs and Bear Stearns “to assist with evaluating strategic alternatives and potential sources of capital.”

Chief executive Scott Willkomm resigned that month, several days before the firm announced a $124 million loss in the second quarter.

During a conference call with analysts in August, board chairman Glenn Schafer said the quarterly loss was the result of a change in complex tax-planning strategies.

Officials at Scottish Re have said they are looking at the possibility of either selling the company or finding an investor to pump in cash.

In September, the company said it had received proposals from a number of potential bidders.

Scottish Re has 150 employees at its south Charlotte office, though its headquarters is in Bermuda for tax reasons.