Rawlings President & CEO Carl Shields "was fired" after
"objecting to the board of directors raising the bar for the
employee bonus program," according to individuals "close to
the company," who are cited by Josh Gotthelf of the ST.
LOUIS BUSINESS JOURNAL. One source told Gotthelf that the
board "was unhappy" with Shields' overall performance and
the incident surrounding the bonus program "was the last
straw." Shields, who had held his position since '94, told
the board that their proposed changes to the bonus program
"would probably result in close to a 50 percent reduction in
most bonuses," but the board "held firmly" in its decision.
Shields declined comment. Board member Andrew Baur, who has
assumed the role of acting chair, also "would not discuss
the situation." Baur said the board will be conducting a
national search for a replacement or replacements. Gotthelf
adds that the "only candidate from within" Rawlings is
VP/Marketing Randy Black. Shields, whose severance package
is "nearly" $500,000, still holds 93,220 shares of the
company's stock. As of November 5, those shares were worth
$984,590 (ST. LOUIS BUSINESS JOURNAL, 11/10 issue).
