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Bank Exec Says He Was Fired for Questioning Boss?s Salary

By bpj1966

The former Chief Credit Officer of Citizens Republic Bancorp has filed suit against the company, alleging that he was fired in retaliation for questioning the former CEO?s compensation package.

The former employee, John Schwab, alleges in his complaint that he was informed by one of the company?s Directors that CEO William Hartman was requesting a bonus of $7,500,000 million dollars as part of his four year compensation package. Because Citizens had recently accepted $300 million in TARP funds, Schwab told the Director that he did not feel the compensation was appropriate.

The Board of Directors later decided that Hartman?s role as CEO would end in January of 2009. Two days before that day, Hartman called Schwab into his office and allegedly told Schwab that he had undermined him. The CEO then allegedly told Schwab, ?You?re going to retire.?

Schwab, 64, later sued the company for wrongful discharge and age discrimination.

Full post as published by Ethisphere Blog - Good. Smart. Business. Profit. on July 27, 2009 (boomark / email).