Post Calls Williams' CEO Designate 'The $6M Man'

ATLANTA-Using information that former company chairman John A. Williams filed with the Securities and Exchange Commission on May 5, Post Properties Inc. chairman Robert C. Goddard III and president/CEO David P. Stockert urge shareholders to reject Williams’ attempt to regain control of the company at the May 22 annual meeting in Downtown Atlanta.

In a new letter to shareholders, Goddard and Stockert charge Williams with setting up an “enormous contract” for Edward Lowenthal, the New Jersey executive who has accepted Williams’ offer to be the company’s president and CEO if Williams wins the proxy battle. The Goddard-Stockert letter alleges the Lowenthal compensation package would bleed the company’s balance sheet.

The directors charge Williams is setting up Lowenthal as ‘The Six Million Dollar Man.’ The compensation package would include an annual base salary of $750,000; a guaranteed annual minimum bonus of $750,000; 500,000 below-market stock appreciation rights with a $22.95 base price vesting in only one year and valued at more than $1.8 million; and 100,000 shares of restricted Post common stock vesting in only one year at approximately $2.7 million for a total $6 million.