Invacare (NYSE:IVC) stock is falling on Wednesday after the company announced a new set of bonuses for its executives.
The company announced that these are retention bonuses designed to keep the company’s executives around. That includes splitting the payments in two, with the first going out yesterday. The second half of the payments will be sent out a year from now.
Executives that leave before June 30, 2023, will have to pay back the first half of the bonus as well. They will also have to stick around into next year if they want to obtain the second half of their retention bonus.
Let’s go over these bonuses below:
- President and CEO Geoffrey Purtill is getting a $550,000 bonus.
- Senior Vice President and CFO Kathleen Leneghan is getting a $363,075 bonus.
- Senior Vice President, General Counsel, Chief Administrative Officer and Secretary Anthony LaPlaca is getting a $356,562 bonus.
- Chief Human Resources Officer Cintia Ferreira is getting a 150,000 Swiss Franc bonus.
IVC Bankruptcy Drops Stock
It looks like investors aren’t happy about the executive bonuses today. Adding to that, the company announced a Restructuring Support Agreement with its debtholders this morning. In order to go through with these agreements, the company and two U.S. subsidiaries have voluntarily filed for Chapter 11 bankruptcy protections. According to the news release, “Invacare’s other businesses throughout the rest of the world remain strong and are not included in these filings.”
IVC Stock is down 19.7% as of Wednesday morning.
Investors seeking out all of the latest stock market news today will want to keep reading!
InvestorPlace is home to all of the hottest stock coverage traders need to know about on Wednesday! A few examples include what’s going on with shares of Marin Software (NASDAQ:MRIN) and TransCode Therapeutics (NASDAQ:RNAZ) stock, as well as the biggest pre-market stock movers this morning. You can find all of the news at the links below!
More Wednesday Stock Market News
- Why Is Marin Software (MRIN) Stock Up 22% Today?
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- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.