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Eddy Hartenstein to get 12 million $$ for retiring
DirecTV's departing vice chairman to get $12 million
WASHINGTON (Dow Jones/AP) -- DirecTV Group Inc. vice chairman Eddy Hartenstein, who is set to retire Dec. 31, will get $12 million under an agreement with the company.
The satellite television provider said in a filing with the Securities and Exchange Commission that the amount will settle his rights to an annual bonus for 2004, severance, reimbursement of outplacement and payments for long-term achievement plan awards and restricted stock units warded under the company's stock incentive plans.
Hartenstein said Thursday he would retire at the end of the year. The 54-year-old was chairman and chief executive of DirecTV until its takeover by media giant News Corp. a year ago.
Chase Carey, then a director and adviser to News Corp., became president and CEO at DirecTV, and News Corp. chairman and CEO Rupert Murdoch took on the chairman position at the satellite TV company.
Shares of El Segundo, Calif.-based DirecTV finished at $15.84 Wednesday, down 8 cents on the New York Stock Exchange.