AP reported that Mr J James Bouchard CEO and Mr Craig Bouchard president of Esmark will walk away from the sale of Esmark with a combined USD 9.8 million.
Documents filed with the Securities and Exchange Commission show the Mr James Bouchard will cash out his stock for USD 2.3 million and leave with a total of USD 5.9 million and Mr Craig Bouchard has USD 1.3 million cash out, plus another USD 1.6 million.
It said that nine members of the board of directors will cash out stock valued at just under USD 1 million.
Russia's OAO Severstal is buying Esmark. The Wheeling, West Virginia-based company has operations in 20 states, including a plant in Greensville County in Virginia. Severstal is paying USD 760 million for Esmark, plus the assumption of debt and loans. That puts the total value of the deal at USD 1.25 billion.
