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Bally Board Approves $700,000 Bonus for CEO

CHICAGO -- Bally’s CEO, Paul Toback, barely survived an attempt by a dissident shareholder to oust him with a proposal at the annual shareholder meeting. Just months later, however, Bally’s board approved a $700,000 bonus for Toback for 2005 compared to $400,000 for 2004. On top of his 2005 bonus, Toback will earn an additional bonus of $200,000 once Bally files its annual report.

Bally missed its March 16 deadline for filing its annual report with the Securities and Exchange Commission. The fitness operator blamed the delay on two major reasons—it had to finish the audit of its financial statements and also had to restate earlier results. Bally plans to file its annual report by April, according to the Chicago Tribune. Look for a story in our April issue exploring Bally’s current situation.

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