Letham: Anixter Had No Role in Polimeni Bonus
Letham: Anixter Had No Role in Polimeni Bonus
John Wolz
Anixter International had no part in negotiations for the $1.4 million-plus bonus for Distribution Dynamics Inc CEO Dominic Polimeni, Anixter CFO Dennis Letham announced.
“Anixter entered into a contract to acquire most of the assets of DDI,” Letham explained. “Whatever contracts there were between Polimeni and DDI were done by the DDI board. Anixter never controled the legal entity of DDI.”
Polimeni and 11 other top employees received bonuses from the sale of DDI. The company had filed for bankruptcy April 23, 2004, and the Anixter acquisition was sealed in an auction on June 18.
The DDI board consisted primarily of lenders to the fastener distributor.
Anixter entered the fastener business with the acquisition of Pentacon in 2002 and added UK-based Walters Hexagon in 2003. Web: Anixter.com �2004 FastenerNews.com
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