Outdoor Channel Holdings announced that CFO Shad Burke had resigned for personal reasons. His resignation on March 19th was effective immediately.
“I would like to thank Shad for his contributions to Outdoor Channel and wish him the best of luck in his future endeavors,” said a statement from President and CEO Roger Werner. “Shad served Outdoor Channel with distinction over the past few years and played a key role in strengthening our financial infrastructure. We are confident in the strength and capabilities of our financial team and expect a smooth transition while we search for a new CFO.”
According to an SEC filing, Burke’s separation agreement calls for him to be paid $25K per month for a year, for a total of $300K. He will be required to make himself available for up to four days per month under a one year consulting agreement. The company will accelerate his vesting of 20,000 shares of restricted stock, but all other unvested shares will be forfeited.
Until a new CFO is named, Doug Langston, the Chief Accounting Officer, will serve as the principal financial officer for Outdoor Channel Holdings.