Catoosa -
Cherokee Nation Businesses says it has reached a separation agreement with its former Chief Executive Officer David Stewart.
Stewart was placed on administrative leave in early March. The reasoning for the decision was not announced, but officials said it was mutually agreeable and Executive Vice President Shawn Slaton took over on an interim basis.
"Attorneys for the Nation and for CNB determined that the new board is contractually obligated to pay the former CEO $2,675,000," said CNB Board of Directors Chairman Sam Hart.
"The CNB Board of Directors is obligated to honor the agreements made by the previous board which was appointed by the former chief, Chad Smith. In the future, we will be more prudent with the Cherokee people's money while maximizing the investments in our personnel and our businesses," Hart added.
Officials say an extensive search for a new CEO will begin immediately.
