More Ridiculous Severance Packages
from the how-do-these-things-get-approved? dept
It is absolutely amazing that ridiculous severance or “retention” packages still get approved by boards. George Shaheen was supposed to get $375,000 a year for life despite destroying his company (too well, since now they can’t pay) and Pets.com gave their execs over a million dollars for helping to shut the company down. The latest is the top two execs at Rhythms NetConnections, the bankrupt DSL provider, who worked out a package to guarantee them $4 million in bonuses while they help shut down the company. The deal was worked out three days before they filed for bankruptcy. It’s good to see that they were really working hard to save their company, rather than make themselves an extra few million dollars.