Former Syniverse CEO to receive exit package of more than $2 million

Published Nov. 14, 2014

Former Syniverse Holdings CEO Jeff Gordon will receive more than $2 million in severance, according to a termination of employment agreement filed this week with the Securities and Exchange Commission.

Gordon, who resigned from the Tampa mobile communications company in August, is entitled to two years of his annual salary of $715,000 plus an amount equal to his target bonus of $715,000, the agreement states.

Syniverse also may repurchase some of Gordon's stock options. As of his termination date, he held vested options to buy 874,667 shares of common stock.

Gordon, who had led Syniverse since 2011, said in his resignation letter, which was also filed with regulators this week, that he had no disagreement with Syniverse on any matter relating to operations, policies or practices. The company cited personal reasons for his departure.

Gordon's resignation was effective Aug. 20, the same day that Tampa Bay Lightning owner and real estate mogul Jeff Vinik filed a rezoning application to build a downtown Tampa office building that hinted at Syniverse as its anchor client. The company subsequently said it had no plans to move.

Separately, Syniverse chief financial officer David Hitchcock confirmed during an investors' conference call Thursday that the company has reduced its head count and future layoffs are anticipated, but he didn't provide any numbers.

Syniverse was acquired by the Carlyle Group private equity firm for $2.6 billion in cash in 2010. Named as interim CEO was Carlyle executive Stephen C. Gray, a Syniverse board member for the past three years.