CECO's Ex-CEO Picks Up $5.3 Million in Severance Pay - CECO on its Fourth CEO since Sep-06

In an amended 8-K filed yesterday, CECO reported that previous CEO Gary McCullough (who resigned on 31-Oct-11) would receive $5.3 million in severance pay and benefits. During McCullough's tenure as CEO from 2-Apr-07 through 31-Oct-11, the stock fell from $30.67 to $16.13, a drop of approximately 47%. Following the announcement of McCullough's departure on 1-Nov-11, the stock fell to the $8 range the next day.

CECO is on its fourth CEO since Sep-06, including an interim CEO. In Sep-06, John Larson (CEO since Jan-94) stepped down, but continued to serve as Chairman. Lead Director Robert Dowdell served as interim CEO until Mar-07 when McCullough was named CEO. Following McCullough's resignation, Chairman Steven Lesnick  was named CEO. According to the company, it is looking for a new CEO although a deadline has not been set.

Here is the 8-K/A with the details on McCullough's severance.