December 27, 2007 -- General Cable Corp. reported that executive officers of the company, Gregory B. Kenny, president and chief executive officer, and Robert J. Siverd, executive vice president and general counsel, have voluntarily relinquished their employment and change-in-control agreements with General Cable effective at the end of this year.
The aforementioned executives and Brian Robinson, General Cable's chief financial officer, remain with the company and will have their compensation and benefits determined in the discretion of the Compensation Committee of the company's board of directors. At the same time, the board has adopted a new severance plan which will cover US-based executive officers of the company which will take effect on January 1, 2008. According to the company, this new and more simplified severance plan will provide benefits for these and other US-based executives of General Cable.
"Mr. Siverd and I have voluntarily terminated our employment related agreements in order to be fully aligned with the terms and conditions of the North American senior management team," comments Kenny. "We look forward to continuing to build the company domestically and internationally for the benefit of our shareholders and employees in the years ahead."
Additional information is set forth in the company's 8-K report dated December 21, 2007, filed with the Securities and Exchange Commission.
With over $5.5 billion of annualized revenues and 12,000 employees, General Cable is a specialist in the development, design, manufacture, marketing and distribution of copper, aluminum and fiber-optic wire and cable products for the energy, industrial, and communications markets.
