Station Casinos and its CFO, Glenn C. Christenson, will go their separate ways.
Little more than a month after agreeing to an $8.4 billion management-led buyout, the company announced that Christenson agreed to step down, effective March 30. He had served as executive vice president, chief financial officer, chief administrative officer, and treasurer.
The casino company appointed Thomas M. Friel as executive vice president, chief accounting officer, and treasurer, also naming him its principal financial officer.
Under his separation agreement, Christenson will receive $85,000, or one month of base pay, and $98,077 in accrued vacation pay. He will also received a monthly consulting fee of $20,000 until the earlier of March 31, 2009, and the company’s planned acquisition.
Station Casinos also disclosed that if what the merger agreement defines as a “superior proposal” is consummated and the merger agreement is terminated, then the separation and consulting agreements will be terminated, too, and Christenson’s employment agreement will be restored “as if the termination date had not occurred. “