Shaheen Gets $375,000 Per Year For Life

from the what-the...? dept

Okay, time to feel even sicker than you already did. We told you about how George Shaheen had his $6.7 million loan forgiven by Webvan. If you thought that was bad... Now, we find out (thanks to BFrank for the submission) that as part of his "retirement package" he gets $375,000 per year for the rest of his life. Actually, if he dies, his wife keeps getting that per year until she dies. What happens, though, when Webvan dies? Either way, this is ridiculous. The guy drove the company into the ground. I don't care if there were other factors, but he's the CEO. His job is to make sure those other factors don't exist or matter. His job is to make the company a success - which he clearly did not do. If I were a Webvan shareholder I would be pissed off at this deal.

Add Your Comment

Have a Techdirt Account? Sign in now. Want one? Register here
Name
Email	Get Techdirt’s Daily Email
URL
Subject
Comment	this is for spambots, do not use this
Options	Plain Text HTML Save me a cookie

Plain Text: A CRLF will be replaced by break tag, all other allowable HTML is intact
HTML: No formatting of any kind is done without explicitly being written in
Allowed HTML Tags: <a> <blockquote> <hr> <tt>

<< Rare Medium Helps Motient Buy It | Time Warner Employees Upset At Having To Use AOL Email >>

Search Techdirt

And now, a word from our Sponsors..

15% off discount for Techdirt Readers

Subscribe to Techdirt's Daily Email Newsletter