Michael I. Connolly and Lock Ireland, the interim co-CEOs of Global Axcess Corp., an independent ATM deployer, will each be paid $12,000 a month until a permanent CEO is hired, according to a United States Securities and Exchange Commission (SEC) filing.
On Feb. 28, 2011, the company's board of directors appointed Ireland, the board's vice chairman and Connolly, a board member, to run Global Axcess after George McQuain, the CEO, submitted his resignation. Connolly, who joined Global Axcess' board in December, also will act as interim president.
The 54-year-old Connolly has served with a number of companies. He was vice president of corporate strategy and development for American Express Co., a New York-based credit card issuer. He is currently CEO of Mount Juliet Ventures, a private company that helps management and owners of other companies create shareholder value.
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Ireland, 66, is CEO of NHB Holdings, a bank holding company, and owner of Proficio Bank. Ireland is also chairman of the board of directors of Proficio Bank. Global Axcess recently paid off a combined $5 million loan to Proficio and SunTrust banks.
According to the SEC filing, Global Axcess and McQuain agreed to a mutual separation; the company will pay McQuain severance payments detailed in his employment agreement.
The board approved a one-year employment agreement for McQuain on June 26, 2008, according to an SEC filing. The contract was automatically extended for a year as long as McQuain kept his job. If McQuain complies with the restrictive covenants of his employment agreement and signs a release agreement, he will receive his base pay and applicable benefits for at least one year.
In 2010, the company paid McQuain a salary of $265,368, a bonus of $34,951 and options of $64,055.
Global Axcess operates or manages more than 5,300 ATMs and other self-service DVD kiosks in 43 states.
