Matthew J. Talbot, president and chief executive of financially troubled Tosco Corp., is being forced out, according to documents filed with the Securities and Exchange Commission.
In proxy material filed with the SEC, the company said it had "exercised its right to terminate" Talbot's employment agreement as of Aug. 15.
However, Tosco stopped short of saying that Talbot is being fired. Instead, it said he will resign his posts but will continue to have an unspecified "relationship" with the company.
The SEC filing also said Talbot will receive a severance payment of about $325,000--the equivalent of one year's salary.
The 48-year-old Talbot has held his current posts since 1984. Before that, he was an executive vice president of the company.