Severance Deal Rewards Ex-CEO
Financially struggling TRM Corp. said it agreed to pay Kenneth Tepper, who resigned as president in March as the company's prospects were sinking, a one-year consulting agreement that will pay him $39,600 a month-$475,000-the same amount he earned in his last year running the company.
The company also paid Thomas Mann, who resigned his job as chief operating officer in February, a $50,000 severance package.
TRM also renewed lucrative retention agreements with directors, Daniel Cohen, who received $600,000 as chairman of the board last year; and $450,000 to Cohen's father, Edward Cohen, chairman of the board's executive committee.
TRM operates more than 21,000 ATMs, including 6,500 of which are branded by the credit union-owned CO-OP Network.