Convergys Extends Contract With CEO Fox
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ThE MaStEr
2010-11-09
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Convergys Extends Contract With CEO Fox
Exec to Receive 2011 Pay Package Worth $5.15 Million
By Todd Spangler -- , 11/8/2010 5:05:02 PM
Customer-relationship management company Convergys entered into a new employment agreement with Jeff Fox to continue as president and CEO, under which he will receive a 2011 pay package currently worth about $5.15 million.
Fox's compensation comprises a base salary of $300,000 per year and 4,500 shares of company's common stock per month, plus an annual "target bonus" for 2011 equal to 100,000 shares of company's common stock and a long-term incentive award for 2011 with a target value of $3.03 million, according to a Convergys filing Monday with the Securities and Exchange Commission.
In addition, Convergys said, based on Fox's performance since becoming CEO in February 2010, he will be awarded 100,000 shares of the company's common stock.
Convergys's customers include Cox Communications -- which has used the vendor's business support systems for 26 years and last week again its contract for the BSS solution -- as well as Comcast, Time Warner Cable, DirecTV and Suddenlink Communications.
Separately, Convergys on Monday announced results for the quarter ended Sept. 30. The company reported sales of $556 million, down 6% from the year-ago period, and net income of $28.8 million versus a net loss of $86.0 million in the third quarter of 2009.
Fox, who has been a member of the Convergys board since February 2009, previously was chief operating officer of Alltel prior to its acquisition by Verizon in 2009.
Prior to joining Alltel in 1996, Fox spent 12 years with investment banks Stephens Inc. and Merrill Lynch. Most recently he was a principal of The Circumference Group, a consulting and investment firm targeting technology and telecommunications companies.
Cincinnati-based Convergys has approximately 65,000 employees in 68 customer contact centers worldwide
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