Cherokee Nation to pay $2.7M to ousted business executive

Monday, April 30, 2012  

The Cherokee Nation of Oklahoma has agreed to pay nearly $2.7 million to David Stewart, the former CEO of Cherokee Nation Businesses.

Stewart was placed on leave in March. He remained in discussions about his contract, which resulted in a severance agreement that was announced on Friday.

“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," CNB board Chairman Sam Hart said in a press release, The Cherokee Phoenix reported. "In the future, we will be more prudent with the Cherokee people’s money while maximizing the investments in our personnel and our businesses.”

CNB will be looking for a new CEO.

Get the Story:
Ex-Cherokee Nation Businesses CEO Will Walk Away With Millions (News on 6 4/27)
David Stewart out as CNB CEO (The Cherokee Phoenix 4/27)

Related Stories:
Cherokee Nation business executive won't comment on leave (03/06)
Cherokee Nation business CEO placed on administrative leave (3/2)