Chesbrough Exits SPAC

Herb Chesbrough, former Saratoga Performing Arts Center president, will end his contract May 1st and accept a much smaller severance package than originally planned, according to The Saratogian.

Chesbrough, who worked at the PAC for 34 years, will get $45,000 in salary and benefits instead of the $400,000 severance originally discussed. He will also reportedly get a pension of $100,000 a year for life.

The SPAC board hired Marcia White to replace Chesbrough March 4th, but the former exec was still on the payroll as a consultant. He agreed to step down before his contract expired after an audit concluded his performance was lacking.