CEOs' exit packages blow past $100 million
November 8, 2011
Source: Gannett News - Delaware News Journal
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The latest execs who will cash in as they step aside: Nabors Industries' former CEO, Gene Isenberg, due $126 million when he exits as chairman, and IBM CEO Sam Palmisano, due $170 million. They follow Google's Eric Schmidt, who received $100 million in stock after leaving as CEO.
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Nabors Industries. Isenberg's exit deal calls for $100 million cash, plus $26.4 million in stock. Nabors says shares are up "50 fold" under Isenberg since 1987, but lag the Standard & Poor's 500 index the past decade. Moreover, Isenberg, 81, drew over $100 million in pay and bonus in 2008-2010 alone.
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Google. The Internet search giant gave Schmidt $100 million in stock after elevating him to "executive chairman" even though Schmidt had an equity stake worth over $5.5 billion. As chairman, he could get up to $7.25 million a year.
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Compensation consultant Alan Johnson of Johnson Associates notes that there are more platinum kisses coming, planted when the economy was robust and boards were under less scrutiny.
http://www.delawareonline.com/article/20111108/BUSINESS06/111108022/CEOs-exit-packages-blow-past-100-million?odyssey=tab