Senate Investigations subcommittee Chairman Sen. Carl Levin, D-Mich. questions Goldman Sachs executives on Capitol Hill in Washington, Tuesday, April 27, 2010, during the subcommittee's hearing on Wall Street investment banks and the financial crisis. (AP Photo/Charles Dharapak)
After failure, executives still raking it in
The golden goodbye has not gone away.
Just last week, Léo Apotheker was shown the door after a tumultuous 11-month run atop Hewlett-Packard . His reward? $13.2 million in cash and
stock severance, in addition to a sign-on package worth about $10 million, according to a corporate filing on Thursday.
At the end of August, Robert P. Kelly was handed severance worth $17.2 million in cash and stock when he was ousted as chief executive of Bank of
New York Mellon after clashing with board members and senior managers. A few days later, Carol A. Bartz took home nearly $10 million from Yahoo
after being fired from the troubled search giant.
A hallmark of the gilded era of just a few short years ago, the eye-popping severance package continues to thrive in spite of the measures put in place
in the wake of the financial crisis to crack down on excessive pay.
Full story: Outsize Severance Continues for Executives Despite Failed Tenures