Executive Severance Draws Ire
It used to be, you got paid based on results. These days, the board room blue bloods have no worries, they just shoot golf, keep the rank and file at bay, and collect. Sounds like good "work", if you can get it. The only severance these executives deserve is a swift kick out the door.
Bankrupt United Airlines paid its top executive a bonus of over $366,000 last year as the company sought salary and other concessions from union workers, Chief Executive Glenn Tilton's salary plus bonus amounted to more than $1.1 million in 2004.
Ousted Hewlett-Packard Chairman and CEO Carly Fiorina whose six years at HP's helm brought a 30 percent drop in HP's stock price, will get a severance package worth more than $21 million.
Former Walt Disney Co. President Michael Ovitz got $140 million in 1996 after 14 months on the job. Former US Airways CEO David Siegel collected $4.5 million as the carrier faced its second bankruptcy.
Former Procter & Gamble Chairman and Chief Executive Durk Jager collected $14 million after overseeing a catastrophic 55 percent drop in P&G's share price.
Hefty Severance Draws Ire
CNN Money:Bankrupt United Pays CEO Bonus
Bankrupt United Airlines paid its top executive a bonus of over $366,000 last year as the company sought salary and other concessions from union workers, Chief Executive Glenn Tilton's salary plus bonus amounted to more than $1.1 million in 2004.
Ousted Hewlett-Packard Chairman and CEO Carly Fiorina whose six years at HP's helm brought a 30 percent drop in HP's stock price, will get a severance package worth more than $21 million.
Former Walt Disney Co. President Michael Ovitz got $140 million in 1996 after 14 months on the job. Former US Airways CEO David Siegel collected $4.5 million as the carrier faced its second bankruptcy.
Former Procter & Gamble Chairman and Chief Executive Durk Jager collected $14 million after overseeing a catastrophic 55 percent drop in P&G's share price.
Hefty Severance Draws Ire
CNN Money:Bankrupt United Pays CEO Bonus
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