Harry L. You, hired as chief executive by McLean-based BearingPoint Inc. to guide the consulting firm through a series of accounting and other problems, will receive a base salary of $750,000 and is eligible for an annual bonus that could match his full salary. The compensation package that lured You to Northern Virginia also includes a $1 million cash bonus to be paid on April 20, according to a filing with the Securities and Exchange Commission.
You, 45, previously served as chief financial officer of California software maker Oracle Corp. He is replacing interim chief executive Roderick C. McGeary, who has held the top spot since November, when then-chief executive Randolph C. Blazer abruptly left the company. McGeary will remain on as BearingPoint's chairman, though the filing says You will assume the role of chairman "within a reasonable time."
In an interview last week, You said fixing the firm's accounting problems and reassuring clients, employees and investors that they can be fixed will be his first priorities.
You will also receive 750,000 shares of BearingPoint stock and options for 2 million shares. The SEC filing also says that if You is terminated without cause, he will be given a cash payment worth twice his annual salary, plus his bonus for the year.