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#1 is true. The VP's name was John Walters. I worked for the company when it happened... in 1997. He was hired into the company as a VP and tapped to take over the CEO chair from Robert Allen. He worked nine months, and the board decided that he wouldn't work out as a CEO. He was given his golden parachute, a $26 million severance package, some stock options, and went back to work for his old company.
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