Wold also leaves his seat on the company's board of directors. He will get $1.7 million--one year's salary--in severance pay, $1.4 million coming next Wednesday. The remaining $300,000 is due next year, after the expiration of a non-compete period as part of his termination agreement. Also next September, Wold would receive nearly $500,000 in bonus money, according to the termination agreement.
Before the company became a REIT, Wold was president of TrizecHahn Office Properties, the US subsidiary of former Toronto-based TrizecHahn Corp. The search for Wold's replacement will include candidates from within the company as well as outside, the company says.
"Over the course of almost 10 years, Casey built one of the commercial real estate industry's largest office property portfolios, plus a premier leasing and property management team," says president and chief executive officer Tim Callahan, who will supervise the company's investment staff until Wold's successor is found. "We wish him well as he moves on to other endeavors."
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