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Death Of Major CEO Leaves $ 15 Million To His Grandchildren

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Death of Major CEO Leaves $15 Million to His Grandchildren Michael Scott Paper Company’s CEO, Michael Scott, passed away last Monday, August 22nd. The company sells paper in mass quantities to major business chains frequently, as in Staples and Office Depot. Scott, who was 92, had a peaceful and calm passing in Stanford Hospital in California. His will stated that of his $20 million dollar net worth, $5 million was to go to cancer research, and the rest of the $15 million was to be split evenly between three of his ten grandchildren. It was the board of director’s choice to whom received the wealth. The board of directors chose the three grandchildren over a week of examining them carefully. The first grandchild to receive the wealth was Adam …show more content…

Adam is the son of Michael’s second child George Scott. Adam works at the Michael Scott Paper Company as the Vice President of Sales, and is very successful. He is looking to buy himself a seat on the board, to which the wealth will help him greatly. The board chose Adam because of his intelligence, success, and how close he was to Michael. Adam will use the money to continue to improve and expand the company. Next, the board chose Fred Locklen. Fred is the son of Michael’s third child, Clarice Locklen. Fred had a very rough past. At the age of nineteen, he was arrested for an armed bank robbery. He was charged and sent to prison for 6 years, where he changed drastically. Fred came out of prison a changed man, now 35, and runs a local community center focused on troubled, at-risk youth. The center is called T.A.Y.C.A., meaning Think About Your Choices and Actions. The board saw Fred as someone who truly changed, is doing great things, and as someone who truly needed the money. Fred will use the money to improve the center, and will continue to help troubled youth across the country. Finally, the board chose Kendra Gerkel as the third and last grandchild to receive the earnings. Kendra is the daughter of Michael’s first

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