On Friday, e-commerce facilitator Digital River (NASDAQ:DRIV.DL) announced that it has poached CA Technologies (NASDAQ:CA) Executive Vice President David C. Dobson to become its new chief executive officer.
Dobson, a 19-year veteran of IBM (NYSE:IBM), as well as an employee at Corel and Pitney Bowes (NYSE:PBI) before moving to CA, replaces DR Chairman Thomas Madison, who had served as interim CEO since company founder and longtime CEO Joel Ronning announced his resignation back in November. Ronning's resignation preceded a DR report of falling revenues and a third-quarter loss.
Exiting the company he began, Ronning took with him a cash severance of $867,576 along with accelerated vesting of stock awards, together comprising a golden parachute worth $4 million. As for his replacement, Digital River has not yet said what Dobson's compensation package will be.