http://www.marketwatch.com/news/story/story.aspx?siteid=mktw&guid=%7B4E6209DD-758A-43D8-A9C8-E6DEB59A46FD%7DHalliburton ex-CFO paid $20,000/month for little work
WASHINGTON (MarketWatch) -- Halliburton Co. (HAL) began paying a former chief financial officer $20,000 a month after he left the company in 2002 for what he has described as a minimal amount of work, according to testimony he provided in fighting a federal lawsuit.
Gary Morris, who was chief financial officer from 1997 through 2001, testified in February that he was still being paid $20,000 each month for "a de minimis amount of hours" of consulting work, a recently available transcript of his deposition in a Securities and Exchange Commission lawsuit shows. He said the work involves "phone calls and questions" on matters such as incentive plans.
The contract wasn't previously disclosed, and Halliburton won't say whether the payments continued beyond February. Even so, the testimony raises questions given that Halliburton has in the past said that pay for executives should be linked to performance.
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It's not clear how much detail Morris shared with Cheney or with Lesar, who once served as Halliburton's chief financial officer. Lesar asked Morris to leave the company in March 2002, Morris said. "He never told me exactly why," Morris testified. "I felt betrayed."
Megan McGinn, a spokeswoman for Cheney, declined to comment. The SEC never charged Cheney or Lesar with wrongdoing. Earlier this year, Phil Offill, a lawyer for Lesar, was asked about Morris's claims that Lesar had been told about the accounting for cost overruns. He said that the SEC "conducted an exhaustive investigation, and we are confident that it intends to stand on the sufficiency of its record. Other than that, we have no comment with respect to the arguments contained in Mr. Morris's brief."
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