McCormick & Schmick’s execs get big payouts
Former executives of McCormick & Schmick’s Seafood Restaurants Inc. received more than USD 6 million in payouts as part of Houston-based Landry’s Inc.’s USD 131.6 million takeover of the Portland restaurant chain, according to filings with the U.S. Securities and Exchange Commission this week. ??
The total includes million-dollar-plus paydays for former McCormick & Schmick’s chief executive William Freeman, chief financial officer Michelle Lantow and company co-founder Douglas Schmick.
??Last week, Freeman cashed out 250,000 shares of McCormick & Schmick’s stock at USD 8.75 apiece, garnering nearly USD 2.2 million. Other big payouts went to Schmick (USD 1.15 million) and Lantow (nearly USD 1 million). Others in the company had smaller numbers of shares. ?