Fair Isaac’s Grudnowski Lands Softly

MINNEAPOLIS – Fair Isaac reported that its departed CEO Thomas Grudnowski earned $2.6 million on his way out last year, including bonus and severance. The Golden Parachute will ease the fall for Grudnowski, who the company said resigned in November after the company continued to report poor financials. Fair Isaac reported a 38% fall in fourth quarter profits and a 23% decline in fiscal year profits for 2006, on almost flat revenue growth. Grudnowski earned a $1.32 million severance, as well as a $660,000 bonus, equal to his 2006 salary, according to a Fair Isaac filing with the Securities and Exchange Commission. As part of the deal, Grudnowski signed a two-year non-compete clause with Fair Isaac. Fair Isaac also reported that Grudnowski earned $3.75 million last year by exercising 100,000 options. Grudnowski, who took over the financial metrics firm in 1999, left with almost 1.6 million shares, valued at $65 million.