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Topic # 105776 10-Jul-2012 14:58 Send private message

Looks like it is getting really ugly up in the rarefied air of 2Degrees senior management.....


"Simon "Tex" Edwards has failed to gain an injunction against the company's decision to disestablish his position as strategist with 2degrees.A decision by the Employment Relations Authority said it would hear substantive arguments from Edwards and 2degrees in August, but until then the company could go ahead with its plan to disestablish his position."

http://www.stuff.co.nz/business/industries/7254182/2degrees-founder-ousted-ahead-of-case

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  Reply # 655176 13-Jul-2012 16:44 Send private message

http://www.stuff.co.nz/business/industries/7275334/Edwards-wins-interim-injunction

2degrees co-founder Tex Edwards has secured an interim injunction from the Employment Court which prevents his job as company ''strategist'' from being disestablished today.




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I sell lots of stuff for electronic enthusiasts...


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  Reply # 695604 3-Oct-2012 16:06 Send private message

And the result:


2degrees co-founder Tex Edwards is set to receive over $1 million from 2degrees after the Employment Relations Authority ruled it had wrongly reduced his salary from $350,000 to $200,000 in 2008.

The authority ordered 2degrees make up the salary, plus interest, and pay Edwards compensation for backtracking on an agreement to offer him share options as part of an employee share option scheme, as well as a $4000 penalty.




 

 



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  Reply # 695652 3-Oct-2012 16:28 Send private message

ouch, so 2D is going to have to cough up close to $1m buckaroos for Tex.


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  Reply # 695664 3-Oct-2012 16:40 Send private message

NonprayingMantis: ouch, so 2D is going to have to cough up close to $1m buckaroos for Tex.



Sounds fair.  They had a deal and tried to stuff him over.  It's what I'd expect to happen.

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  Reply # 695692 3-Oct-2012 17:06 Send private message

Plus stock options, which I read a worth 'considerably more' than the salary payments




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  Reply # 695924 4-Oct-2012 08:25 Send private message

So 1 dollar from every customer they have, ouch...

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  Reply # 695943 4-Oct-2012 09:07 Send private message

Good on Tex!

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