Braidy Industries gave former CEO Craig Bouchard $6 million to sever ties with company

A Securities and Exchange Commission report filed by Braidy Industries on Monday showed it paid $6 million to former CEO Craig Bouchard as part of a settlement to drop his lawsuit against the company and fully sever his ties.

Bouchard founded the company in 2017 and announced plans to build a $1.7 billion aluminum rolling mill near Ashland with an initial investment of $15 million from the taxpayers of Kentucky — a project that has stalled because of Braidy's inability to secure enough funding.

Bouchard was fired by the company's board earlier this year, spurring his lawsuit against Braidy and its shareholders that alleged the firing breached bylaws and contractual obligations.

After months of accusations between the two sides in court filings and press coverage, they announced the settlement of the lawsuit last week on undisclosed terms, besides Bouchard fully severing his ties with the company.

Read more: https://www.courier-journal.com/story/news/politics/2020/06/19/ex-ceo-craig-bouchard-got-6-million-sever-ties-braidy/3224909001/