BNN Bloomberg: US Steel CEO Pressed by Two Senators to Defend Nippon Steel Deal Payout

Two prominent Democratic senators are criticizing United States Steel Corp. Chief Executive Officer David Burritt over his potential $72 million "golden parachute" if the sale to a Japanese company goes through - while President Joe Biden's decision on the takeover hangs in the air.

Senator Elizabeth Warren of Massachusetts and Senator Sherrod Brown of Ohio, whose race for reelection is one of the closest in the chamber this year, wrote to Burritt Wednesday regarding financial incentives offered to him and other US Steel executives if Nippon Steel Corp. acquires the company in a $14.1 billion deal.

The executives would be eligible for the incentives if they're terminated following a takeover, according to a March filing with the US Securities and Exchange Commission.

…

Read the full story here.

• Print
• Email
• Tweet