President and CEO William Timbers’ employment at USEC has been ‘terminated’. Terms of his departure may include an $18 million cash payment.
James Mellor, chair of the firm, has assumed responsibility for Timbers’ roles.
Timbers held the same position at the former state-owned US Enrichment Corporation and was appointed by president Clinton in 1993 to manage the privatisation of the firm and its transformation into USEC. In 1994, the also Clinton-appointed board reelected Timbers to the role which he held until his departure was announced on 14 December.
After the July 1998 privatisation a new board was appointed by the US Treasury to be chaired by Mellor.
On 20 December USEC filed a Form 8-K, official notice of the change in management, which described Timber’s employment as ‘terminated’. It went on to state that a dialogue would now take place between Timbers and USEC regarding the terms of the termination and that, if it is determined that the termination was ‘without cause’, USEC may be obligated to pay Timbers up to $18 million.
The terms of Timbers’ contract say such a sum must include three times the sum of his salary and bonuses over the last three years.
No reason for Timbers’ departure has been given but USEC spokesman Charles Yulish told NEI that Mellor has said that he does not intend to undertake any high-level restructuring and has reaffirmed the company’s committment to its strategic plan.
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