H&R; Block CEO to get severance
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Former H&R; Block chief executive Mark Ernst, who oversaw the tax preparer’s failed sub-prime lending strategy, will receive a cash severance of $2.55 million and full vesting on 762,925 stock options, the company disclosed.
H&R; Block had ousted Ernst as the No. 1 U.S. tax preparer suffered huge losses on sub-prime lending at its Option One Mortgage Corp. unit. New management then closed Option One.
The move, plus cutting 620 jobs, will trigger about $200 million in charges and write-downs, the company has said.
H&R; Block shares fell 19.4% in 2007.
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