Three corporate presidents who lost their jobs in recent months will receive money from their former firms for at least the next two years.
Proxy statements issued this week for the annual stockholders' meetings of CBS, Inc., and The Washington Post Co., detailed for the first time financial settlements with, respectively, former presidents Arthur R. Taylor and Larry H. Israel.
Genesco, Inc., meanwhile, filed information with the Securities and Exchange Commission recently, detailing its final settlement with former president and chief executive Franklin M. Jarman.
Taylro resigned as president and a director of CBS last Oct. 13 in a management upheaval but he earned a salary and additional compensation for 1976 totaling $353,846.
In addition, the proxy statement disclosed. CBS agreed to pay Taylor $250,000 each in 1977 and 1978 and is conditionally obligated, "under certain circumstances," to pay him up to $100,000 in 1979. Taylor had not accured rights to benefits under the CBS retirement program at the time he stepped down.
Israel's departure as president and a director of the Post Co. was effective last Feb. 1. Company officers have declined to comment on the reasons for his resignation and Israel was out of towh yesterday. He earned $150,000 in salary and received $110,500 of bonus or incentive compensation as the company's president last year.
According to the Post Co. proxy statement, Israel reached a "termination agreement" under which he will receive $225,000 each in 1977 and 1978 plus a $200,000 "severance payment" in January 1979, Israel had a contract with the firm that was to expire at the end of 1984 and which called for a $200,000 severance if the company exercised its right to terminate his employment, Israel also will recive a retirement benefit of about $20,000 a year starting at age 65.
Jarman, who was removed from the presidency of the nation's largest apparel manfacturer and retailer at a stormy board meeting in January, will be paid $431,667 in 28 monthly installments after Aug. 1, when he must depart also as Genesco chairman.
Genesco revealed, in its SEC report, that the company also will pay for Jarman's membership in the University Club of New York and use of a 1977 Lincoln Continental, for the same 28 month-period. Jarman had been receiving $285,000 a year as Genesco's top officer and had received a $180,000 raise only last December.