Paul Toback

Paul Toback is an Illinois attorney who served as chief executive officer and chairman of the board of Bally Total Fitness Corporation from December, 2002 until August 11, 2006, prior to the company's Chapter 11 bankruptcy filing in 2007.[1][2] He received a lump sum payment for more than $3 million, and the vesting of 135,000 shares of restricted stock upon his resignation.[3] Seven months before his resignation, Toback ceded effective control of the Bally board of directors to John Rogers, chief executive of Ariel Capital Management, who was named as "lead director."[4] Prior to his resignation, Toback alleged that major Bally shareholder Emanuel Pearlman of Liberation Investments and former Bally CEO Lee Hillman were behind calls for his ouster, which Pearlman and Hillman denied.[5][6]

According to Bally's 2003 Securities and Exchange Commission 10-K report, Toback was the director of administration for Chicago Mayor Richard M. Daley until 1993. He then became the executive assistant to the chief of staff for then-President Bill Clinton for two years,[7] where he worked on the North American Free Trade Agreement.[8] From 1995 to mid-1997, he was the COO for a private company called Globetrotter Engineering in Chicago. He then joined Bally in 1997.[9]

References

  1. ↑ Meyers, Lawrence (September 16, 2005). "Bally Totally Unfit: Part 1". The Motley Fool. Retrieved April 17, 2011.
  2. ↑ "Chief Executive Officer Employment Agreement". Bally Total Fitness Corporation. August 24, 2004. Retrieved April 20, 2011.
  3. ↑ "Paul Toback Resigns as CEO of Bally Total Fitness, Stock Plunges, What's in Store for Its Future". Fitcommerce.com. Retrieved April 17, 2011.
  4. ↑ "Bally Announces Appointment of Lead Director and Establishment of Special Committee to Lead Strategic Process". Bally Total Fitness Corporation. January 11, 2006. Retrieved April 17, 2011.
  5. ↑ Meyers, Lawrence; Fischbach, Amy Florence (January 1, 2006). "Tug of War". Fitness Business Pro. Retrieved April 21, 2011.
  6. ↑ Hughlett, Mike (January 21, 2006). "No disrespect intended, Bally critic says of CEO". The Chicago Tribune. Retrieved December 4, 2011.
  7. ↑ Toback, Paul A. (September 19, 2006). "Public Service in Private Sector". The Clinton School of Public Service. Retrieved April 17, 2011.
  8. ↑ "Bally Total Fitness Holding Corporation Names Paul Toback, Stephen C. Swid and Martin Franklin to Board of Directors". Bally Total Fitness Corporation. March 20, 2003. Retrieved April 17, 2011.
  9. ↑ Meyers, Lawrence (September 16, 2005). "Bally Totally Unfit: Part 2". The Motley Fool. Retrieved April 17, 2011.
This article is issued from Wikipedia - version of the 11/30/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.