LOUISVILLE, Ky. — Ronald Parker, former chief executive of Pizza Inn, will receive $2.8 million as part of a settlement with the chain he led for two tumultuous years.
Parker was fired from Pizza Inn in 2004 after the 378-store chain determined he'd violated his employment agreement when he and three other executives penned labor contracts containing parachute payouts that, if triggered, could have bankrupted the chain. (Read Pizza Inn officially fires Parker, but lawsuit is expected.)
Parker said the termination was without cause and sued the company for about $11 million, a sum that included a $5.4 million parachute payment set out in his contract. (Read Pizza Inn fights back.)
"I'm very pleased with this settlement," Parker said in a news release. "I wish Pizza Inn future success and I'm looking forward to the next chapter of my business life."
Tim Taft, Pizza Inn's current chief executive and president, called the settlement a chance for the company to move ahead and focus on revitalizing the company.
"We get to rip the rearview mirror off and close that chapter and move forward," Taft said.
Read also:
- Parker, fallen Pizza Inn CEO, added to compensation lawsuit
- Will Parker's departure from Pizza Inn end an era of greed?
- CEO Parker is out at Pizza Inn
- Board battle over ''change of control,' millions in parachute payouts, ends at Pizza Inn
- Greed between the lines
- Pizza Inn CEO promises brighter future in letter to shareholders
- Proxy battle underway at Pizza Inn Pizza Inn board 'frustrating' Newcastle proxy solicitation by delaying annual meeting again
- Battle for the Board at Pizza Inn
- SEC filing details battle for Pizza Inn board
