- 3 - trust that made investments in commercial real estate. MIP was not a WC subsidiary but was managed by WC. During the year in issue, petitioner managed all of WC's financial service subsidiaries and was responsible for approximately 2,000 employees. He was one of the 10 most highly compensated individuals at WC, earning a base salary of $279,232.56 in 1989. Petitioner did not have a written contract with WMC or WC. Although WC policy required that employees receive annual employment reviews, petitioner never received such a review. Nevertheless, he always received bonuses when he became eligible. Between 1980 and April 1989, John W. Creighton served as petitioner's immediate supervisor. Mr. Creighton and petitioner were close friends. At the time of trial, Mr. Creighton was the chief executive officer and chairman of the board of WC. Within WC's financial services chain of command, petitioner was the number 3 person, below George Weyerhaeuser and Mr. Creighton. Communications Before Petitioner's Termination In 1988, petitioner expressed a concern to Mr. Creighton that because of the developing trend to consolidate in the mortgage banking industry, there was a strong possibility that WC would sell WMC, which might then leave petitioner unemployed. In response to this concern, Mr. Creighton orally assured petitioner that WCPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
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