Wish you were a CEO?

NewPage accepted the resignation of its president and chief executive officer (CEO), Richard D. Willett, Jr. this week.

Willett will receive a severance payout equal to two times his current base salary, or a total of $1,300,000.

Willett will also receive an annual bonus payment of $1,000,000 for 2009 and for 2010 under the NewPage Corporation Performance Excellence Plan and the NewPage Corporation Profit Sharing Plan.

Mark A. Suwyn, current executive chairman of the company's Board of Directors, will serve as interim CEO for the company. Suwyn's base salary is $750,000 and will continue at that rate for the rest of 2010. In 2011, and in future years, his base salary will be $500,000. Suwyn will also be eligible for a bonus payment under the NewPage Corporation Performance Excellence Plan and the NewPage Corporation Profit Sharing Plan.

Suwyn's severance payment will be $2,000,000 when he leaves his position as executive chairman and CEO, unless the termination is for cause.

Source: NewPage