Orr to turn in oars at the Citadel legal department

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Jacquelyn J. Orr will no longer be General Counsel, Vice President and Secretary of the Company as of the end of January 2011. After helping to guide the company through its tumultuous recent history, she has announced her resignation effective 1/31/11. according to terms of her contract with Citadel, Orr will receive pair of payments en route to and upon her exit, including a $550K payment 12/31/10 and another $200K on her exit date.


Do not expect Orr to badmouth Citadel in any way after her exit, nor is there likely to be any badmouthing going the other direction toward Orr. She and Citadel are party to a mutual non-disparagement agreement as part of the severance package.

The agreement was struck 12/16/10 and was reported to the Securities and Exchange Commission.