Apollo general counsel to retire
Written on May 23, 2010
P. Robert Moya is retiring from Apollo Group Inc. as executive vice president, general counsel and secretary, according to an 8-K statement with the U.S. Securities and Exchange.
Under a transition agreement, Moya will resign from his current positions as of Aug. 31, but has agreed to serve as a full-time employee as executive vice president in charge of special projects through Oct. 31.
He will continue to be paid a base salary at his current rate of $400,000 during that time. After that, he will covert to a part-time employee as senior adviser, when his monthly salary will be reduced to $10,000.
That deal will last until Aug. 31, 2011, unless terminated by either party. His outstanding stock options and restricted stock unit awards will continue to vest while he remains employed by the Phoenix educational company.
The company has hired an executive search firm to identify a successor general counsel.
Also in the 8-K filing, the company announced that Joseph L. D’Amico, Apollo’s president and chief operating officer, has a new employment agreement extending his role to Aug. 31, 2012, from June 15, 2010. He will earn no less than his current $525,000 annual rate of base salary. He also will have the opportunity to earn a CEO incentive bonus in fiscal 2011 and 2012 at a target level equal to 100 percent of his annual base salary.
Filed in: money.