Maxar Technologies’ headquarters at 1300 W. 120th Ave. in Westminster. (LinkedIn)
The former chief financial officer at Maxar Technologies is suing that company for $60 million and accusing its new private-equity owners of “bizarre and fraudulent” behavior.
Advent International acquired the Westminster-based satellite company last May for $6.4 billion. Advent’s acquisition turned the formerly public company private.
That summer, Maxar remade its leadership team and brought on Mike Mohn as CFO. Mohn had previously held similar roles at Raytheon and Cisco, according to he and Maxar.
Mohn alleges now that his hiring was a “classic bait-and-switch.”
He said that his annual salary over the past decade has averaged $3 million, but he was willing to accept a $500,000 salary at Maxar because Maxar promised to give him equity in the company that would be worth somewhere between $20 million and $30 million in five years.
“Absent the representations about the (equity), Mohn would not have come to work at Maxar,” his attorney, David Olsky of Fortis Law Partners in Denver, wrote in a lawsuit Sunday.
Mike Mohn was the chief financial officer at Maxar. (Courtesy of Maxar)
“Advent and Maxar came to learn that the detailed financial projections provided to Mohn could not be achieved,” that lawsuit goes on to allege, “but did not inform Mohn.”
In March, Mohn said he was told that his equity in Maxar would not be fully vested but instead could be bought back or taken back at Maxar’s discretion. Mohn claims that is not what he was initially promised and what he relied on when he went to work for Maxar.
Mohn wants a judge in Denver to award him $30 million from Maxar and Advent for breach of contract, fraudulent inducement and fraudulent concealment. He also believes he is owed another $30 million from the companies and an Advent executive for defamation.
During a board of directors meeting at Maxar’s headquarters in February, Advent managing partner Shonnel Malani went on “an erratic and bizarre diatribe against Mohn,” the ex-CFO claims. Malani falsely accused Mohn of not providing financials to the board fast enough, according to the lawsuit. “Malani’s actions were shocking and inappropriate.
“As a result of defendants’ defamation of Mohn, Mohn’s reputation as a CFO has been irreparably damaged,” the lawsuit claimed. “Mohn has suffered economic and also non-economic damages, including pain and suffering, as a result of the defamation by Malani.
“The result is that Mohn’s reputation has been destroyed and his prospects for future employment have been ruined,” according to the CFO’s weekend lawsuit.
Maxar declined to comment on Mohn’s allegations this week. An unnamed spokesperson for Advent said, “We are aware of a complaint relating to a former portfolio company employee. As we are still examining the claim, we cannot give further comment at this time.”
Maxar Technologies’ headquarters at 1300 W. 120th Ave. in Westminster. (LinkedIn)
The former chief financial officer at Maxar Technologies is suing that company for $60 million and accusing its new private-equity owners of “bizarre and fraudulent” behavior.
Advent International acquired the Westminster-based satellite company last May for $6.4 billion. Advent’s acquisition turned the formerly public company private.
That summer, Maxar remade its leadership team and brought on Mike Mohn as CFO. Mohn had previously held similar roles at Raytheon and Cisco, according to he and Maxar.
Mohn alleges now that his hiring was a “classic bait-and-switch.”
He said that his annual salary over the past decade has averaged $3 million, but he was willing to accept a $500,000 salary at Maxar because Maxar promised to give him equity in the company that would be worth somewhere between $20 million and $30 million in five years.
“Absent the representations about the (equity), Mohn would not have come to work at Maxar,” his attorney, David Olsky of Fortis Law Partners in Denver, wrote in a lawsuit Sunday.
Mike Mohn was the chief financial officer at Maxar. (Courtesy of Maxar)
“Advent and Maxar came to learn that the detailed financial projections provided to Mohn could not be achieved,” that lawsuit goes on to allege, “but did not inform Mohn.”
In March, Mohn said he was told that his equity in Maxar would not be fully vested but instead could be bought back or taken back at Maxar’s discretion. Mohn claims that is not what he was initially promised and what he relied on when he went to work for Maxar.
Mohn wants a judge in Denver to award him $30 million from Maxar and Advent for breach of contract, fraudulent inducement and fraudulent concealment. He also believes he is owed another $30 million from the companies and an Advent executive for defamation.
During a board of directors meeting at Maxar’s headquarters in February, Advent managing partner Shonnel Malani went on “an erratic and bizarre diatribe against Mohn,” the ex-CFO claims. Malani falsely accused Mohn of not providing financials to the board fast enough, according to the lawsuit. “Malani’s actions were shocking and inappropriate.
“As a result of defendants’ defamation of Mohn, Mohn’s reputation as a CFO has been irreparably damaged,” the lawsuit claimed. “Mohn has suffered economic and also non-economic damages, including pain and suffering, as a result of the defamation by Malani.
“The result is that Mohn’s reputation has been destroyed and his prospects for future employment have been ruined,” according to the CFO’s weekend lawsuit.
Maxar declined to comment on Mohn’s allegations this week. An unnamed spokesperson for Advent said, “We are aware of a complaint relating to a former portfolio company employee. As we are still examining the claim, we cannot give further comment at this time.”
