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.
Thank you for reading this Techdirt post. With so many things competing for everyone’s attention these days, we really appreciate you giving us your time. We work hard every day to put quality content out there for our community.
Techdirt is one of the few remaining truly independent media outlets. We do not have a giant corporation behind us, and we rely heavily on our community to support us, in an age when advertisers are increasingly uninterested in sponsoring small, independent sites — especially a site like ours that is unwilling to pull punches in its reporting and analysis.
While other websites have resorted to paywalls, registration requirements, and increasingly annoying/intrusive advertising, we have always kept Techdirt open and available to anyone. But in order to continue doing so, we need your support. We offer a variety of ways for our readers to support us, from direct donations to special subscriptions and cool merchandise — and every little bit helps. Thank you.
–The Techdirt Team
