Brightpoint CFO leaves with $2.75M pay package

A veteran Brightpoint Inc. executive who left the company on Tuesday received separation pay totaling $2.75 million, according to a Securities and Exchange Commission filing.

Anthony Boor joined the Indianapolis-based wireless phone distributor in 1998 and had served as its chief financial officer and treasurer since October 2005.

He was paid $490,000 on Tuesday and will receive an additional $2.26 million in November, six months and one day after his departure date, the filing said.

Boor also will receive annual retirement benefits totaling $77,274.

In a Tuesday press release announcing the appointment of Boor’s successor, Brightpoint provided no reason for his departure, except to say the company had entered into a “mutual separation agreement” with him.

Last year, Boor earned $535,000 in base salary and $2.3 million overall when including stock awards and bonuses, according to the company’s latest proxy statement.

Calls to Brightpoint were not returned Wednesday morning.

Boor was replaced by Vincent Donargo, who has served as Brightpoint’s chief accounting officer and controller since 2005, the company said in a written statement.

Brightpoint reported impressive first-quarter earnings last month, posting profit of $9.3 million, or 13 cents a share, versus $1.4 million, or 2 cents a share, in the year-ago period.

The company said its earnings increased more than sixfold as the growing demand for smartphones meant that more higher-priced devices passed through its facilities.

Brightpoint shares opened trading Wednesday morning at $9.05 each, down from a 52-week high of $13.22 reached in February.

 

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