Montana Company Revokes $2.3M in Shares Given to CEO
BILLINGS, Mont. (AP) — Stillwater Mining Co. is revoking $2.3 million worth of company stock awarded to its chief executive after a lawsuit challenged the compensation as excessive.
The move was detailed in a Wednesday filing with securities regulators. It comes as the precious-metals mining company tries to fend off a corporate takeover attempt by a group including former Gov. Brian Schweitzer.
A federal class-action lawsuit filed last week claims stock awards to CEO Frank McAllister in 2010 and 2012 exceeded a shareholder-approved compensation plan.
The Billings-based company says in its filing that board members voted to rescind those awards and another in 2009 to avoid "the potential distraction of litigation."
The awards totaled 186,959 shares. The company's stock was trading Wednesday at $12.45 on the New York Stock Exchange.