Successor CEO definition
Examples of Successor CEO in a sentence
From the Effective Date, your position as Interim CEO may continue, at the latest, until the date on which a Successor CEO is hired and commences employment with the Company (the “Interim Term”).
The appointment of the Successor CEO shall require the vote of a majority of the entire Board of Directors; provided, however, that the election of either an Office Depot Executive or an OfficeMax Executive as the Successor CEO shall require the affirmative vote of at least two-thirds of all of the independent directors of the Board of Directors.
Failure to be Re-nominated by Board After Appointment of Successor CEO.
Furthermore, the parties agree that no Investor Designee shall be a member of the Selection Committee and that the Investor Designees shall not participate in (or have their vote counted towards) any vote related to the election of a Successor CEO.
The Company acknowledges and agrees that you as an employee have provided the transition services which consisted of transitioning your duties and responsibilities to the Company’s newly-appointed Chief Executive Officer (the “Successor CEO”) and providing other services as determined by the Company’s Board of Directors (the “Board”) and the Successor CEO or as otherwise reasonably requested by the Successor CEO from time to time.
Subject to the terms and conditions hereof and conditioned upon the appointment of a Successor CEO, if Executive continues to be employed by Company for the Transition Period, Executive will be paid a total bonus of One Hundred Thousand and no/100 Dollars ($100,000.00) (the “Stay Bonus”), reduced by applicable withholdings for taxes and other legally required items.
Executive also agrees that the Successor CEO may in good faith reassign or reduce the duties and responsibilities of Executive during the Transition Period as the Successor CEO may determine, subject to any rights of the Executive under the Employment Agreement.
The Company agrees that the Board and all applicable committees of the Board shall take all necessary actions, effective immediately following the appointment of the Successor CEO in accordance with the Bylaws, to appoint the Successor CEO to the Board.
The Selection Committee shall engage an independent search firm to identify and recommend Successor CEO candidates with the terms of the engagement and the search criteria to be established by the Selection Committee; provided, however, that the Selection Committee shall cause the search firm to consider each of the Office Depot CEO and the OfficeMax CEO as potential candidates.
On the Company’s written request following the Company’s engagement of a Successor CEO, the Executive shall automatically and without further action be deemed to have resigned as Chief Executive Officer of the Company, and if requested by the Board, the Executive hereby agrees to immediately execute a resignation letter to such effect in form and substance reasonably acceptable to the parties.