21 November 2000



Top Staff At Pets.com Get $1.4 Million Share Out

Three top executives from the failed US retail site Pets.com, Christopher Deyo, (President), Julie Wainwright, (CEO), and Paul Manca, (CFO), were offered bonuses of $225,000 each by the directors to wind down the company.

A number of other executives are expecting to receive retention bonuses of $75,000 each according to the company's latest quarterly report.

The decision by the board to pay bonuses was agreed before announcement of the failure and due to come into force in the event of either:

a. liquidation of the company or
b. the receipt of over $10 million in funding or
c. a successful sale of at least half of the company.

Pets.com, the first on-line pet retailer to offer public shares, announced earlier this month that it was to be completely wound down with the loss of up to 300 jobs.


Copyright 2000 Steve O'Malley (UKPets).
This article may be reproduced with permission of the author and correct attribution to the source.