Bass Pro Shops CEO challenges ex-Cabela’s leaders to share ‘golden parachutes’
By Christen Smith
Bass Pro Shops founder and CEO Johnny Morris pledged up to $10 million of his own money to fund severance packages for ousted Cabela’s employees — but only if Cabela’s former executives contribute first. (Photo: Chris Graythen/Getty Images for Stewart-Haas Racing)
The founder of Bass Pro Shops wants former executives of its recently acquired competitor to share their “golden parachutes” with other staff members on the verge of unemployment.
Chief Executive Officer Johnny Morris challenged Cabela’s old leadership to fund a severance package for some of the 2,000 employees likely to lose their jobs at the retailer’s existing headquarters in Sidney, Nebraska. Cabela’s served as an economic anchor in the panhandle town of 6,700 residents until it merged with Bass Pro Shops in September.
Morris hasn’t divulged how many Cabela’s positions will be eliminated as both operations consolidate into Bass Pro Shops’ headquarters in Springfield, Missouri. He said he will match any severance package contributions up to $10 million, according to a report from the Omaha World-Herald.
Former CEO Tommy Millner, for example, took an $8 million payout when he relinquished control of the company after the $5 billion deal finalized last year.
“While I know the former owners and executives are under no obligation