Ex-Cherokee Nation Businesses CEO Will Walk Away With Millions

Friday, April 27th 2012, 6:34 pm
By: News On 6

The business arm of the Cherokee Nation has agreed to pay millions to its former CEO and part ways.

The former Chief Executive Officer of Cherokee Businesses, David Stewart, will walk away with a check worth more than $2.6 million. It's part of a compensation agreement reached by the previous board and Stewart.

"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," read a CNB statement released Friday.

3/2/2012 Related Story: Cherokee Nation Business CEO Placed On Leave

Dave Stewart was placed on what was termed a "mutually agreeable" administration leave on Friday, March 2, 2012.

He called the leave of absence a time out period for him and the company to settle contractual obligations.

The CNB is the "economic engine of the Cherokee Nation," over the tribe's gaming, hospitality, personnel services, distribution, manufacturing, telecommunications and environmental services industries, according to their website.

In Stewart's 10 years in charge, revenues for the tribe's business arm grew by 2,400 percent.

Stewart calls the split - and the nearly $3-million payoff - "very acceptable."