Former Spansion CEO, concerned about fired employees, returns severance

[DJ13]

Posted: 02/27/2009


Declaring "I am literally in tears" over the firing of 3,000 employees at computer chip maker Spansion, the company's former chief executive told the Mercury News on Friday he is returning $403,000 in severance money he got from his recent retirement in hopes it can be used to help the laid-off workers.

"My heart is broken to see that large amount of great people have been laid off without any severance," Bertrand Cambou also said in a letter sent Friday to the board of directors of Sunnyvale-based Spansion.

Cambou, 53, retired Feb. 2 after serving as president and CEO since 2003. In an interview with the Mercury News, he said, "I hope they are going to take some of that money and give it to the people" who were laid off.

Cambou, who noted he is still consulting with Spansion but looking for a full-time job, said he received $751,000 in severance, and all but $403,000 went to taxes.

"We appreciate Dr. Cambou's symbolic gesture and his concern for the welfare of Spansion and its employees," the company said in a prepared statement, adding, "We are talking with Dr. Cambou about his offer." The statement did not indicate how Spansion might use the money.

Many workers are outraged that they were fired Monday without severance payments, while Spansion's board the same day boosted the pay of some executives..........


The rest is here-
http://www.mercurynews.com/business/ci_11803077?source=rss