Maybe John Arnott is not so easy to get rid of as initially thought. On 9-Jan-2007 Hospira filed Form 8-K reporting John Arnott’s resignation on 3-Jan-2007. On 18-Jan-2007, Hospira filed Form 8-K stating:
On January 15, 2007, Hospira and John Arnott, its former Senior Vice President, Global Commercial Operations, entered into an agreement pursuant to which Mr. Arnott will be placed on pay continuation leave and receive his base salary until the earlier of January 3, 2008 and the time he begins full-time employment. Mr. Arnott will also receive executive outplacement services during such time.
How could this happen? One of possible scenarios could be that he was forced to resign, and his lawyer got him this deal with Hospira afterward. The deal sounds like a paid one-year personal leave of absence. Does anyone know which HR policy applies to this case?
