Sept. 25, 2006
LOUISVILLE, Ky. — Ronald Parker, former chief executive of Pizza Inn
, will receive $2.8 million as part of a settlement with the chain he led for two tumultuous years.
Parker was fired from Pizza Inn in 2004 after the 378-store chain determined he'd violated his employment agreement when he and three other executives penned labor contracts containing parachute payouts that, if triggered, could have bankrupted the chain. (Read Pizza Inn officially fires Parker, but lawsuit is expected
Parker said the termination was without cause and sued the company for about $11 million, a sum that included a $5.4 million parachute payment set out in his contract. (Read Pizza Inn fights back
"I'm very pleased with this settlement," Parker said in a news release. "I wish Pizza Inn future success and I'm looking forward to the next chapter of my business life."
Tim Taft, Pizza Inn's current chief executive and president, called the settlement a chance for the company to move ahead and focus on revitalizing the company.
"We get to rip the rearview mirror off and close that chapter and move forward," Taft said.