Federal Signal to pay ex-finance chief up to $762,640

Federal Signal Corp. will pay as much as $762,640 to former finance chief Stephanie Kushner, who was replaced last month by the Oak Brook, Illinois-based maker of street sweepers.

The payment agreement was signed Jan. 6 and includes her annual salary and bonus, according to a regulatory filing. Kushner agreed to a non-competition provision, the company said in the filing.

Federal Signal last month appointed Bill Barker as finance chief, saying Kushner is leaving the company "to pursue other opportunities." Federal Signal named Kushner as finance chief in February 2002, according to a regulatory filing.

The company will pay Kushner $541,920, which approximates her annual salary and her target annual bonus, and $203,220, the amount of her unpaid prorated annual target bonus for 2008, the filing said. Federal Signal will also pay as much as $17,500 for executive outplacement related services, according to the regulatory filing.

Barker previously served as chief financial officer of the Sun-Times Media Group Inc. Federal Signal lost 27 cents, or 3.1 percent, to $8.54 at 11:40 a.m. in New York Stock Exchange composite trading. The shares have lost 15 percent in the past 12 months.