Oneida: ex-CEO keeps salary and bonus through 2006

Financially troubled tableware company Oneida Ltd. will continue to pay outgoing president and CEO Peter J. Kallet his USD 300,000 base salary over the next two years, according to a company filing wi…

Financially troubled tableware company Oneida Ltd. will continue to pay outgoing president and CEO Peter J. Kallet his USD 300,000 base salary over the next two years, according to a company filing with the Securities and Exchange Commission. Kallet, who is succeeded by Terry G. Westbrook, resigned at the end of March 2005. As well as his base salary, Kallet will also be eligible for bonuses of up to USD 85,000 in 2005 and 2006, the filing shows. Kallet will stay on as chairman through the Oneida“s annual meeting in May 2005. He will then assume the position of vice chairman for strategic alliances and corporate development until 30 July 2007. Kallet took an annual pay cut of USD 60,000 in summer 2004, when his salary was reduced to USD 300,000. While Kallet will continue to receive the same base salary and be eligible for bonuses during the transition period, he will not be allowed to participate in the company“s long-term incentive plan, according to the terms of the agreement filed with the SEC. As part of the agreement, the company will reimburse Kallet USD 25,000 for unspecified expenses. Oneida has become strictly an importer of flatware, glassware, plates, crystal and other goods for the tabletop.