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Patrick Brady last week said his ascension at Cyrk and founder Greg Shlopak’s decision to step down were calculated moves designed to increase shareholder value.
Shlopak, who relinquished the title of chief executive officer but remains one of six directors, receives a one-time payment of $2.3 million plus other benefits payable over the next three years. Now vice chairman of Equity Enterprises in New York, Shlopak also signed a two-year noncompete deal.
Brady, who joined Cyrk 10 years ago, now carries the title chief executive officer, president and chief operating officer.
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