Ambassadors Int’l CEO Resigns
Ambassadors International, Inc. (NASDAQ:AMIE) on March 24 announced that Joseph J. Ueberroth, President and Chief Executive Officer and a member of the Board of Directors, has resigned as the company's President and Chief Executive Officer effective April 1, 2009 to pursue other ventures. Ueberroth also resigned from the Board of Directors effective March 20, 2009. Mr. Ueberroth first announced his resignation in September 2008 giving the company twelve months notice. However, since the company, as previously announced, is substantially complete with the process of moving its corporate headquarters to Seattle to concentrate on its cruise business, Ueberroth felt it was now the appropriate time for him to leave. Mr.
Ambassadors Int’l CEO Foregoes Comp Pkg
Ambassadors International, Inc. (NASDAQ:AMIE) announced that Joseph J. Ueberroth, Chairman and Chief Executive Officer, voluntarily foregoes the compensation entitled to him under his employment agreement dated November 2, 2006. Under the terms of that agreement, Mr. Ueberroth was entitled to receive approximately $3m in cash (up to $6m in certain circumstances) compensation due in September 2009. In addition, he decided to forego his 2008 long-term compensation with a value of approximately $750,000 that was due per his contract in stock. Mr. Ueberroth offered to forego the compensation at a recent meeting of the Company's Board of Directors, and to work in any capacity that the Board decided would be in the best interest of the company.
