Former Ceo of Geneva Settles for $930,000

Summary

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Ken Johnsen, the former chief executive officer of Geneva Steel, will walk away with $930,000 in bonus compensation under a settlement agreement approved by a federal judge this week.

Johnsen was entitled to roughly $3.5 million in incentive compensation under an employment agreement that was approved by the court in 2003. But allegations of fraud, mismanagement and a breach of fiduciary duties resulted in a bitter fight between Johnsen and James Markus, Geneva's Chapter 11 trustee.

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Former Ceo of Geneva Settles for $930,000

Markus sued Johnsen, seeking to rescind the employment agreement. The trustee also sued Geneva's board of dir...

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