Heads do roll when big acquisitions are made.

But sometimes buyers want to make sure the managements of the businesses they just bought stick around to keep running them.

To convince execs to stay, they pay retention bonuses.

That’s what Ricoh Co. Ltd.’s doing after agreeing to buy Ikon Office Solutions Inc. for $1.6 billion last week.

Under executive retention agreements, CEO Matthew J. Espe and three other senior executives would receive a total of $14.3 million if they stay a full two years following the closing of the deal.

The maximum Espe could receive is $8,630,400. He could stay as little as six months following the closing date and get $1,294,560. The agreement is structured in a way that escalates payments the longer Espe stays. So he gets an additional $1,726,080 after 12 months, $2,157,600 after 18 months, and $3,452,160 after 24 months.

According to a filing Friday with the Securities and Exchange Commission, Ikon says these retention agreements replace severance pay that Espe and the other executives would have been entitled to receive had they been terminated. In essence, they turned severance pay into incentive pay.

The filing also says Ikon may be required to pay a breakup fee of $66.7 million if the acquisition agreement is terminated.

Raymond Retires

Corporate Synergies Group Inc. said Eric Raymond has retired as CEO of the Mount Laurel employee benefits brokerage and consulting firm he founded.

You might recognize his voice from radio commercials touting the firm’s ability to save businesses money on their health coverage.

In a statement, the company said Raymond wants to “pursue his many charitable organizations and other personal interests.”

When Inquirer staff writer Jane Von Bergen interviewed Raymond in May he talked a lot about his charitable efforts to preserve the rain forest. Also, Corporate Synergies’ offices are decorated with photos from his travels to Bali and Turkey.

Scott Birnbaum, chairman of Corporate Synergies, was named acting CEO while the company searches for a permanent replacement.