When John Landrum resigned last July after 28 days as president and CEO of Taylor Morrison, the North American arm of the newly merged U.K.-based builders Taylor Woodrow and George Wimpey, he walked away with a termination agreement that would pay him $1,625,824, according to Taylor Wimpey's recent annual financial report for 2007.
The termination agreement sum equaled a year's worth of his $650,000 base salary plus a bonus of 1 1/2 times his base salary. While Landrum resigned from the company's board on July 31 of last year, he technically remained an employee through October 31, 2007 when he collected his severance, according to the company's annual report.
That would be in addition to the $48,000 pay for working from July 3 until his resignation on July 31 of last year.
As would be expected, Ian Smith, who had been CEO of Taylor Woodrow, but who agreed to step aside to allow Peter Redfern to run the merged operations, went home with an even tidier sum for six months and three days work.
Smith received a base salary of £313,000 pounds ($626,000) for his services between Jan. 1 and July 3, 2007, plus contractual payments for loss of office of one year's salary plus his target bonus, which together equaled £1,451,000 ($2,903,0000), according to the report.