IndyMac's weird timing

There's probably some reasonable explanation, but Michelle Leder at wonders why IndyMac CEO Michael Perry recently signed a new employment agreement that's virtually identical to his old one. Contained in the company's 10Q, filing, the contract goes out to 2011 and has lots of the perks that a CEO might not want to advertise on the same day that the company reported a $202.7 million quarterly loss - five times bigger than what had been forecast in September. Perry’s base salary is a typical $1 million (he made $16 million last year, most of it from stock options). As for the perks, there's the travel (first class or by chartered or other private plane service where appropriate); club memberships (California Club, Annandale Golf Club, and Shady Canyon Golf Club; car allowance ("appropriate luxury automobile" with car insurance, maintenance and operating expenses); and financial planning (not to exceed $35,000). Oh, did we mention that Pasadena-based IndyMac has cut 1,547 jobs? Too bad they don't have access to Perry's financial planner.

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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