Small appliance maker Applica is dropping its founder from the payroll.
The company has disclosed a termination agreement with Belvin Friedson, who started the Save-Way Beauty and Barber Supplies in 1963 in North Miami Beach. The company went public, became Windmere-Durable Holdings and then, in 2000, was renamed Applica.
Mr. Friedson earned U.S. $375,000 a year as a consultant after leaving as CEO in 1987. Applica will pay him $900,000 in severance pay and let him keep his company car.
His departure officially ends the Mr. Friedsons' work at Applica. Son David resigned as company chairman in August, and daughter Barbara Friedson Garrett also left her $358,000-a-year post as the company's community-outreach officer. (The Miami Herald)
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