Byline: Carol Emert

WASHINGTON--Byron A. Hero Jr., who gave up his post as chief executive officer of Danskin last month, will continue to receive $450,000 annually, plus perks, to remain as chairman of Danskin's board, according to documents filed with the Securities and Exchange Commission.
As reported, Hero left Danskin to devote more time to Esmark Inc., a holding company that controls 50 percent of the voting power in Danskin and owns 34.2 percent of its common stock. Hero is president and chairman of Esmark.
As reported, the ceo job at Danskin was taken over by Howard Cooley, who was president of Jockey International Inc. from 1979 to 1992 and who joined the board of Danskin last year.
Hero had been ceo of Danskin since acquiring the firm in July 1986. As part of his new Danskin employment agreement, Hero agreed to vote one-third of Esmark's approximately 3 million voting shares with Danskin's two independent directors, Patricia S. Patterson, an international representative at Sotheby's, and Henry T. Mortimer Jr., a managing director at Financial Security Assurance Inc., a bond insurance firm.
Esmark maintains independent control over its remaining 2 million Danskin shares, but will no longer receive any management fees from Danskin.
At the end of Danskin's fiscal year in March, Esmark owed Danskin more than $5 million on a loan. The employment contract mandates that Hero give to Danskin any tax refunds received by Esmark for years prior to 1994.
In addition to his salary, Hero is slated to receive a cash incentive bonus each year that Danskin's operating income exceeds 80 percent of the previous year's operating income. Hero will also receive full medical benefits, five weeks of vacation annually and reimbursement for "reasonable business expenses for promoting the business of [Danskin], including expenditures for entertainment, gifts and travel (first class)," the documents state.
The agreement was signed Sept. 16 and extends through March 31, 1996.
-- Fairchild News Service

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