Severance Package Rewards Ex-CEO At ATMGiant
PORTLAND, Ore. - (05/02/06) -- Financially struggling TRM Corp.said it agreed to pay Kenneth Tepper, who resigned as president andCEO in March as the company's prospects were sinking, a one-yearconsulting agreement that will pay him $39,600 amonth--$475,000--the same amount he earned in his last year runningthe company. The company also paid Thomas Mann, who resigned hisjob as chief operating officer in February, a $50,000 severancepackage. TRM also renewed lucrative retention agreements withdirectors, Daniel Cohen, who received $600,000 as chairman of theboard last year; and $450,000 to Cohen's father, Edward Cohen,chairman of the board's executive committee. TRM operates more than21,000 ATMs, including 6,500 which are branded by the creditunion-owned CO-OP Network.