TORONTO ─ Embattled former Pan Am Games CEO Ian Troop has walked away from the job with a cash kiss-off of $500,000.
TO2015 officials issued a statement Friday ─ in what can be considered a rare act of transparency ─ spelling out the details of Troop's severance package.
That package includes a cash payout of $478,000, legal fees of $3,500, payments for outplacement of $10,000 and health benefits for the severance period of $15,800.
He will also get a deferred RRSP payment of $27,300.
Troop was axed in mid-December following two months of bordering on scandalous revelations, revealed exclusively by QMI Agency, that he and most of his senior management team, all making $300,000 or more, spent with impunity on travel to far-flung lands, team meals and other perks of the job. They even went so far as to expense $1.89 cups of Starbucks tea and coffee.
After dogged media scrutiny, the Kathleen Wynne government and the TO2015 brass finally admitted the $1.4-billion games budget does not include the $1.1-billion cost of the Athlete's Village.
The cash kiss-off amounts to less than the $1-million claims made by PC MPP Rod Jackson and other sources close to the Pan Am organization in a QMI Agency story two weeks ago. At the time, TO 2015 chairman David Peterson said Troop, who made $477,259 last year, was entitled in his 2011 contract to a year's severance, but that the axed CEO had hired a lawyer and negotiations were underway.
Peterson also denied claims made by sources that he'd offered Troop $750,000 to walk away.
Troop could not be reached for comment but Peterson said it was "a happy resolution and they'll move on."