Compuware Corp. has terminated a six-year, $600,000-a-year consulting contract for Peter Karmanos Jr., the company's co-founder and former chairman and CEO, Tom Henderson reports on the web site of Crain's Detroit Business.
The news came in a report filed Friday with the U.S. Securities and Exchange Commission.
The termination is effective Tuesday, according to the report, filed by Joseph Angileri, treasurer and CFO of Compuware.
The report said the termination was for cause and allowed under terms of the consulting agreement, signed last Oct. 25. The consulting contract began after Karmanos retired as chairman of the board March 31.
The termination follows comments made by Karmanos on Sept. 20 at a breakfast tribute in his honor by the Old Newsboys' Goodfellows. At a question-and-answer session, Karmanos, who co-founded Compuware in 1973, was critical of current management over its handling of a takeover bid begun last December by Elliott Management Corp., a New York City-based hedge fund.
Deadline Detroit received start-up funding from Compuare Ventures, an arm of the company.
