Post Fires 2 Key Execs; Williams Will Work for $1

ATLANTA-Hollywood scriptwriters will have a field day when they begin drafting chapters for the 2003 turmoil going on daily at Atlanta-based Post Properties Inc., once one of the nation’s leading high-end apartment developers.

In an ongoing bizarre scenario, the 32-year-old company, without explanation to shareholders, has fired Greg Fox, the firm’s $315,000-a-year CFO, and Doug Gray, an EVP in charge of sales and acquisitions. But the firm is allowing Fox and Gray to keep on working until it finds replacements for them, according to a company announcement. Fox’s contract calls for him to receive a lump sum termination payment of $945,000.

At the same time, former chairman John A. Williams, battling to regain the company he founded in 1971, tells the Securities and Exchange Commission he is ready to give up his $150,000-a-year salary as chairman emeritus and work for $1 per year as president and chief executive officer, if shareholders vote him back into office at their annual meeting May 22.