Hilbert Gets Cash, Jet Privileges
INDIANAPOLIS (AP) _ Stephen C. Hilbert left Conseco Inc. with a severance package that included $72.4 million in cash, security service at his home and the right to use the company’s corporate jets up to 20 times a year.
Hilbert also received a $3.35 million bonus for the first three months of this year. Last Wednesday _ the day before the board replaced Hilbert _ it granted him options to buy 2 million shares of Conseco stock, exercisable at $5.75 a share.
Those options have appreciated by $2.5 million since his departure and could be worth millions more by the time they expire in 2003. Conseco disclosed the details of Hilbert’s severance package in a filing with the Securities and Exchange Commission late Monday, after the stock markets closed for the day.
Hilbert, 54, built Conseco into one of Indiana’s biggest businesses, but company shares began a long slide after the company announced in April 1998 that it was buying mobile home lender Green Tree Financial Corp. for $6 billion.
Rollin M. Dick, who stepped down Thursday as executive vice president and chief financial officer, did not receive nearly as lucrative a severance package. He will continue to collect his salary of $250,000 a year through the end of next year.
Dick also received a bonus of $187,000 for the first three months of this year and options to buy 600,000 shares of Conseco stock, at a price of $5.75 a share.
Shares of Conseco were off 37 1/2 cents Tuesday at $6.62 1/2 on the New York Stock Exchange, well off their 52-week high of $35.31 1/4.