October 27, 2008
Georgiopoulos set to collect $30 million
Peter Georgiopoulos says his MBA from Tuck School of Business at Dartmouth "helped me in what I've done in my business career" and has "been a stepping-stone."
He should be particularly grateful to any Tuck professor whose inspiration helped him come up with this move: when his General Maritime Corporation merges with Arlington Tankers, he's set to walk away with $30 million.
According to an SEC filing, if the deal goes through, though he'll serve as Chairman, Georgiopolous will step down as CEO and president of the merged company and receive a $22 million cash payment in June, then next January he'll get $8 million in lieu of the annual bonuses he would have gotten.
Meantime, a filing by Arlington Tankers, says that its Chief Executive and CFO, Edward Terino, will go away from the merger with somewhat more than $1.25 million. His MBA is from Suffolk University.