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Monty Python, the CEO of LeSTA resigned in 2016 after an internal investigation revealed that he had backdated his own stock options. The company's internal investigation indicated that the CEO conspired with the LeSTA's Finance Officer to alter the dates of his stock option grants between 2007 and 2015. As a result of the backdating, the company needed to restate more than three years of financial results and as a consequence, incurred an additional compensation expense of more than $41 million. Despite the scandal and ongoing investigation at the time of his departure, the terms of the CEO's employment agreement provided him with the ability to collect as much as $175 million in severance, pension and stock. Because of the backdated options scandal, the company (LeSTA) adopted a new policy, which required all stock option grants and the terms of the grants be approved by LeSTA's compensation committee. The company also appointed a nonexecutive chairman of the board, a chief compliance officer, and did not grant any stock options to executives in 2016.Case Source: WorldatWork
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