One of the top executives at Prestige Brands Holdings Inc. of Irvington, whose retirement was announced Monday, will actually remain on the company payroll for at least a year longer.
The retirement of Michael A. Fink, 62, the companyÃ¢â‚¬â„¢s senior vice president-marketing, OTC/Personal Care, is effective June 30, Prestige Brands said in a press release. Fink is being succeeded by James E. Kelly, 49, a consultant to Prestige who previously worked for Combe Inc.
The press release omitted an important change in FinkÃ¢â‚¬â„¢s contract that PrestigeÃ¢â‚¬â„¢s board of directors approved last Friday.
In a filing with the U.S. Securities and Exchange Commission the day after the announcement, Prestige said that starting July 1, Fink will be a Ã¢â‚¬Å“work at homeÃ¢â‚¬? employee for one year. During that time, he will provide Ã¢â‚¬Å“advice, information or guidance to the company on an as needed basis,Ã¢â‚¬? the filing said.
Fink will be paid $211,000 for the period. He also will qualify for an additional payment that will either equal his bonus for the preceding fiscal year, or 45 percent of his $211,000 salary, whichever is greater, the filing said.
Prestige spokesman Dean Siegal declined to elaborate on the filing. The company is scheduled to release its fourth-quarter results May 9.
The company has seen big changes at the top of late. In January it named Mark Pettie as its third chief executive in 12 months. Pettie, who had led the dairy foods group at ConAgra Inc. of Omaha, Neb., succeeded Frank P. Palantoni, who quit after three months.
Prestige Brands sells a variety of well-known consumer products such as Chloraseptic sore throat treatment, Compound W wart remover, Comet and Spic and Span cleansers, and Murine eye products.
Fink had joined Medtech Holdings in 2002, before Medtech was included in a public offering from which Prestige Brands emerged in early 2005. Prior to Medtech, he had worked at Block Drug Co. for 25 years.
Kelly assumes responsibility for FinkÃ¢â‚¬â„¢s marketing activities effective Monday. He had worked for Combe as senior vice president, marketing and sales in North America, from 2001 to 2005.
At Prestige, he receives an annual base salary of $250,000 and a sign-on bonus of $75,000, and he may receive a bonus of 45 percent of salary plus a long-term incentive plan grant of $347,000.