Harbinger Group CEO Philip Falcone To Resign - Quick Facts

(RTTNews) - Harbinger Group Inc. (HRG) announced that its Chief Executive Officer and Chairman of the board of directors, Philip Falcone, will resign from his positions with the Company, effective December 1, 2014.

Joseph Steinberg, an independent member of the Board, will become Chairman of the Board. HGI will name a Chief Executive Officer upon the completion of a search process.

Simultaneously with Falcone's resignation, Keith Hladek, an HGI director, will also resign from the Board.

In connection with his resignation, the Company will pay Falcone a lump sum payment consisting of $20.50 million one-time payment, $16.50 million in respect of. Falcone's previously earned and awarded annual bonus for fiscal year 2014 and $3.30 million as a pro-rata bonus for fiscal year 2015. In addition, the warrants to acquire common stock of HGI that were previously awarded to Falcone will continue to vest in accordance with their existing vesting schedule.