CALIFORNIA - News from Dec. 27, 1985
J. Gary Shansby, who was chairman of San Francisco-based Shaklee Corp. until he resigned last week in a policy dispute with directors, says he will receive about $3 million in severance pay. The vitamin and food supplement company, which had profits of $13.2 million on revenue of $459 million last year, said only that payments related to “recent management changes†would cause a 14-cent-per-share reduction in earnings for the quarter ending Dec. 31.
Shansby said he and former Shaklee General Counsel Paul Greenberg will split $3.7 million, with Shansby getting 80% to 85%. He said the policy dispute was over his plan to boost company earnings by selling stock in its Japanese subsidiary, Shaklee Japan K.K.
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