Failed CEOs still reap munificent severance deals
From the NYT:
Just last week, Léo Apotheker was shown the door after a tumultuous 11-month run atop Hewlett-Packard. His reward? $13.2 million in cash and stock severance, in addition to a sign-on package worth about $10 million, according to a corporate filing on Thursday.At the end of August, Robert P. Kelly was handed severance worth $17.2 million in cash and stock when he was ousted as chief executive of Bank of New York Mellon after clashing with board members and senior managers. A few days later, Carol A. Bartz took home nearly $10 million from Yahoo after being fired from the troubled search giant.
Comments
Just another example of how the rich get richer and the rest of us are left out.
Tell me again why taxes on the rich shouldn't be raised. On second thought, don't bother. They should be raised a lot.
Posted by: stretch | September 30, 2011 2:57 PM
Which model best explains these pay packages: the marginal productivity of labor theory (you're paid what you produce), or the market power theory of labor (you're paid what your position of negotiating strength can extract)?
Posted by: Josh Dowlut | October 3, 2011 10:15 AM