Posted Thursday, June 10, 2021 9:05 AM | Contributed by Jeff
Cedar Fair LP is parting ways with its longtime legal chief Duffield “Duff” Milkie. He resigned immediately as executive vice president, general counsel, and corporate secretary, but will remain an employee of Cedar Fair until Sept. 30, the Sandusky, Ohio-based company disclosed in a securities filing Wednesday. Milkie, who didn’t respond to a request for comment about his post-Cedar Fair plans, is heading for the exit after his pay package dropped by more than 58% in 2020. Cedar Fair revealed in an annual proxy statement filed in April that Milkie was paid nearly $730,000 last year, down from the more than $1.7 million in total compensation he received from the company in 2019.
Read more from Bloomberg Law.
Maybe he figured he would make more money by taking a job with the park where he can earn $20/hour.
How the other half live.
Seems like a "we dare you to stay" type situation.
ok, the article is a tad misleading. All of the senior execs took that same pay cut, but I thought it was said that that would revert once things changed (i.e. 2021).
One does not resign IMMEDIATELY yet stay on in any capacity until 9/30/2021 unless this was a forced exit. At these levels (Chief Counsel of a multi-billion dollar publicly traded corporation), things don't happen "immediately" without something else going on behind the scenes. The keeping on the payroll until 9/30/ is even more confusing as that's the end of the fiscal quarter, roughly an additional 80 days from now.
There is another shoe hereLast edited by CreditWh0re, Thursday, June 10, 2021 5:49 PM
Transition and Release Agreement that he signed says that he "agreed to resign." Typically you don't agree to resign; you just resign. Unless you were asked to resign which often stems from being told if you don't resign, you will be fired.
Agreement says he will be working from home through September 30, 2022 (regular compensation). Had to waive claims against company when he signed it and again on September 30th (which will allow him to receive severance payments per his employment agreement). Company admits no wrongdoing with respect to him (expressly denying any).Last edited by GoBucks89, Friday, June 11, 2021 9:43 AM
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