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Outgoing FalconStor CEO gets $420G in severance
Jim McNiel, who resigned this week as president and chief executive of Melville-based FalconStor Software Inc., will receive a $420,000 severance package, the company said Friday in a regulatory filing.
The lump payment includes $20,000 to reimburse the 50-year-old executive for office furniture, according to a filing with the U.S. Securities and Exchange Commission.
McNiel has run FalconStor since 2011 and voluntarily stepped down effective June 28 after the company’s sales had fallen in four of the last five quarters. FalconStor, founded in 1994, has operated at a deficit for each of the past four years, losing $15 million in 2012 on revenue of $75.4 million.
FalconStor’s stock has dropped roughly 18 percent since the company’s announced McNiel’s resignation on July 1, hitting $1.13 in midday trading on Friday. FalconStor shares have dropped 52 percent in 2013.