More Tech Execs Sucking Companies Dry

from the severance-for-a-promotion dept

Executive compensation is always a big topic these days - especially among failing companies, when it comes to their severance packages. So, take a look at some of the oddities in how Global Crossing compensated their CEO as they were heading into bankruptcy. The first part is the most interesting. He took the job as he was promoted from CEO of a Global Crossing subsidiary, Global Crossing Asia. However, unlike a normal promotion, Global Crossing Asia paid him $3 million in severance. Yeah, that's right, he got severance for his promotion. Now, that's a deal. Note that this is the same company that, upon declaring bankruptcy cut off all severance packages to employees.

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