Dismissed Western Corporate Federal Credit Union board member Diana Dykstra spoke out late yesterday regarding rumors former WesCorp CEO Bob Siravo received a $6 million severance package.
Dykstra, president/CEO of the $610 million San Francisco Fire Credit Union, said Siravo did receive a large payout in 2008, but it was for his 457F deferred compensation plan, which requires enrollees to set the payout date at the time of enrollment.
WesCorp recorded a nearly $7 million benefit payout on a "non-qualified defined benefit plan" according to its 2008 financial reports, much higher than the $293,000 paid out in 2007. It also added another $4 million worth of "plan amendments" to the 2008 budget.
Dykstra said Siravo had planned to retire in 2008, and completed his original contract with WesCorp early last year; at that time, the board asked him to stay another two years. Upon conservatorship, Siravo was 13 months into the new contract, and lost all retirement benefits associated with it, she said.
Furthermore, the 2008 payout went to more than one employee, Dykstra said.
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