Wal-Mart Lures Edelman's Dach In-House With Big $$
Washingtonian's Kim Eisler (sorry, no link yet) reports in the new issue that "insiders have been asking what it took for Wal-Mart to lure Leslie Dach (left) away from Edelman, [which] Dach cochaired with former Ronald Reagan aide Michael Deaver." Dach left for Wal-Mart in July.
"Dach helped Edelman create political-style TV ads for Wal-Mart, claiming that the stores save the average household $2,300 a year. Wal-Mart was so impressed with Dach's enterprise that they asked him to come aboard."
And at a handsome price. SEC docs show that Wal-Mart gave stock worth more than $3 million, with options to buy more shares. "For every dollar that Wal-Mart stock goes up, Dach will make an additional $168,805," Eisler reports.
"Dach says his family won't be moving to Bentonville [Ark., Wal-Mart HQ], but he has stocked an apartment there with artisan bread, lox, and fresh fruit from a local Wal-Mart."