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The VeriFone Holdings Inc. board of directors has renewed CEO Douglas G. Bergeron's contract through Oct. 31, 2012, according to a filing with the U.S. Securities and Exchange Commission. Bergeron will be paid $700,000 annually, the same as his previous contract, which ran from Jan. 4, 2007, to Oct. 31, 2009 (CardLine, 1/5/07). Unlike the previous contract, the new one, signed April 8, does not state a target bonus for Bergeron. The previous one targeted $900,000 as his bonus. The board still can award a bonus under the new contract, which does not cite a specific amount. Bergeron also will receive 150,000 shares of VeriFone stock under the new contract and another 150,000 shares if VeriFone meets an earnings-per-share threshold the board set. Bergeron became VeriFone's CEO in 2001, when, according to VeriFone's Web site, Gores Technology Group paid Hewlett-Packard Co. $50 million for the San Jose, Calif.-based company. In 2002, Chicago-based venture-capital firm GTCR Golder Rauner LLC bought a majority stake in VeriFone. VeriFone became a publicly traded company in 2005. Since then, its share price has varied from an initial closing price of $10.75 on April 29, 2005, to a low of $3.50 on Dec. 1, 2008, to peak of $48.03 on Nov. 26, 2007, just before an now-resolved accounting scandal surfaced (CardLine, 12/3/07). VeriFone shares were trading at $8.17 earlier today.


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