FORMER BRIGGS & STRATTON CEO SEEKS $11.7M

Reports from the U.S suggest that the former chairman and CEO of Briggs & Stratton, Todd Teske, has filed a sizeable claim in the bankruptcy case.

The Milwaukee Business Journal states that is he seeking $11.6 million. It goes on to say that payments are expected to be in the range of 7 cents to 8 cents on the dollar.

According to the report, "It’s not clear whether Teske’s claim covers some or all of the payments that would have been included in his $8.8 million ‘golden parachute’ package."

The unsecured claim which U.S trade journal Rural Lifestyle Dealer says was filed on Wednesday last week (October 7th 2020) includes -

• Key-employee savings and investment plan: $2.77 million
• Supplemental executive retirement plan: $6.3 million
• Long-term incentive payments: $2.58 million
• Pension plan, employment agreement and life insurance policy: Unknown amounts