Jan 27, 2012 7:31am
Golden Parachutes: 21 CEOs Landed $100M Plus
By Dan Kloeffler
Jan 27, 2012 7:31am
While TV viewers love to hear the words, “You’re Fired,” from Donald Trump, few would ever want to have that conversation with their own boss. That is, unless they are the boss and managed to negotiate a hefty separation package.
So-called golden parachutes are contractual provisions that compensate executives, if they are terminated without cause. And according to a first-of-its-kind report, the payout practice has guaranteed several outgoing chiefs with nine-figure landings to help soften the fall from their corner offices.
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According to the study, 21 CEOs received more than $100 million each in “‘walk away” packages. In all, companies like GE, Exxon Mobil Corp., AT&T and Home Depot Inc., have collectively provided nearly $4 billion in golden parachutes. But according to Hodgeson, those figures could be on the low-side.
‘These numbers don’t include the perks – the use of the corporate jet, the corner offices – a lot of the compensation that doesn’t get listed on the public files.’
But despite the staggering amounts, golden parachutes serve a purpose when it comes to wooing a potential CEO to take the helm.
more:
http://abcnews.go.com/blogs/business/2012/01/golden-parachutes-21-ceos-landed-100m-plus/
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