Siebel drafts retention plan to keep staff amid rumors

by Stacy Cowley

May 27, 2005 —

Siebel Systems Inc. has adopted a set of employee benefits plans guaranteeing its workers severance payments and continued health-care coverage if the company is acquired, a move Siebel said is necessary to retain employees amid widespread speculation about the company's future.

Siebel revealed the new plans, which took effect May 20, in a regulatory filing on Thursday. "Recent rumors concerning potential acquisitions or takeovers of the company have created a great deal of uncertainty among the company

IDG News Service