Genesco Inc. (GCO) just unveiled an announcement.
Genesco Inc. has introduced an Executive Severance Plan that ensures its key management personnel, including executive officers, receive severance payments and benefits if they are let go without cause, or leave for a valid reason. These benefits include up to 24 months of base salary and COBRA Premiums for the CEO, and 12 months for other eligible participants, contingent upon agreement to certain conditions such as non-disclosure and non-disparagement obligations. This plan aims to provide financial stability for executives in the event of unexpected job loss.
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