The Wall Street Journal-20080116-CNET Networks Signs Severance Deals
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CNET Networks Signs Severance Deals
CNET Networks Inc., which is trying to stave off efforts by hedge funds Jana Partners LLC and Sandell Asset Management to take control of its board, said its signed severance agreements with certain senior executives.
The severance agreements provide for compensation and benefits if the employee's job is terminated, for instance, due to a change in control at the company.
CNET, in a Securities and Exchange Commission filing, said it signed a severance agreement with Joseph Gillespie, the executive vice president of CNET business unit, as well as with other unidentified senior executives, excluding the chief executive and the chief financial officer.
Friday, CNET adopted a poison pill to deter "coercive takeover tactics."
The company said it has sharpened its focus on core brands, disposed of underperforming assets and recruited industry leaders.
