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Noncompete disputes: Spirit AeroSystems sued by former CEO

| Apr 5, 2018 | Trade Secret And Non-Compete Disputes |

Many companies in Florida and elsewhere require employees to sign agreements that may prevent them from leaving to work for a competitor for a set period of time. However, these agreements might not be restricted to changes in employment alone, and those who retire from a business may become involved in noncompete disputes should they attempt to act as a consultant for another company. A man in another state has recently filed a lawsuit against his former employer after it allegedly began withholding his retirement benefits.

According to reports, the man was formerly the CEO of the company Spirit AeroSystems, and after playing an integral role in its success, he was provided with a generous retirement package. However, after retiring, the company claims he was offered a position as a consultant at Arconic Inc., which manufactures lightweight metal products for airplanes. Although he didn’t obtain the position, he asserts that Spirit stopped paying out his retirement benefits.

The company reportedly claims that he signed a noncompete agreement preventing him from working for a competitor for a set period. It asserts that by seeking out the position, he violated this agreement. However, according to the lawsuit, Arconic Inc. doesn’t operate in the same field as Spirit, and thus the noncompete agreement should not apply.

Due to the complex nature of many business contracts, those who become involved in noncompete disputes may find it advisable to seek guidance early in the process. When facing a similar situation, a person in Florida could find it beneficial to consult with an experienced attorney. An attorney can examine the client’s circumstances, along with the contract, and provide him or her with advice on the best course of action with which to proceed.

Source: kansas.com, “Spirit AeroSystems ex-CEO Larry Lawson sues over nixed retirement contract worth $50 million“, Amy Renee Leiker, March 29, 2018