Pursuits
Former Tween Brands CEO Gets $44 Million Severance From Ascena
- Michael Rayden retired from retailer in January 2015
- Severance included $34.5 million tied to Justice's performance
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Michael W. Rayden, the former chief executive officer of Tween Brands Inc., received a $44 million severance package from Ascena Retail Group Inc., which acquired the children’s clothing retailer in 2009.
The payment included $9.1 million deposited into a trust and $34.5 million tied to the performance of Tween Brands’s Justice fashion line, according to the company’s proxy statement filed Tuesday.