severance pay

11 Stories

Yahoo's Marissa Mayer Could Get $55M Parachute

And shareholders aren't necessarily happy about it

(Newser) - Marissa Mayer has failed to stop Yahoo's downward spiral during more than three years with the company, so obviously the CEO is slated to receive a massive severance package worth $55 million, the AP reports. That information comes from a regulatory filing Friday and includes both stock and cash,... More »

Judge Balks at CEO Payout in American Airlines Merger

He approves deal but won't sign off on $20M severance

(Newser) - A bankruptcy judge today signed off on a proposed merger between American Airlines and US Airways that would create the world's biggest airline, but he's not quite ready to approve a fat severance package for outgoing American CEO Tom Horton, reports the Wall Street Journal . The two companies... More »

GE Exec to Be Paid $89K a Month ... to Not Work

John Krenicki gets cushy package in return for non-compete

(Newser) - John Krenicki, a vice chairman at GE, is leaving the company ... and in exchange for agreeing not to work for a competitor any time in the next three years, he's getting paid $89,000 per month until 2022. That's more than $1 million per year, the Wall Street ... More »

Terminated CEO Waives $100M Payout

Eugene Isenberg would have donated severance pay to charity

(Newser) - Eugene Isenberg probably managed to sidestep some of the ire of the 99% with this decision: The former CEO of Nabors Industries agreed to waive his $100 million termination payment when he was replaced as chief executive. Isenberg, who will be kept on as chairman, "certainly didn't need... More »

News Corp Slipped Brooks $2.7M Payout

Renewed interest in former News International exec ahead of Murdoch testimony

(Newser) - Rebekah Brooks may have quit News Corp in disgrace at the height of the phone hacking scandal, but the less-than-harsh terms of her severance package are again grabbing headlines. The "loyal lieutenant," as the Guardian calls her, landed a $2.7 million severance, along with two years of... More »

AIG Attorney Makes Millions by Quitting Over Pay

Company to award Kelly mammoth severance package

(Newser) - Quitting in a snit over government-imposed pay limits has ensured a bumper payday for AIG's top in-house lawyer, insiders say. The bailed out insurance company is preparing to pay Anastasia Kelly several million dollars in a severance package under company terms that allow some execs to quit and collect severance... More »

Hard Times Catch Up with Well-Heeled Jobless

Generous severance packages start to sputter

(Newser) - Time and money is finally beginning to run out for large numbers of people who lost their jobs, and have been living off hefty severance packages for up to two years. Many workers who received generous exit packages from the financial and auto industries kept on spending the way they... More »

Citigroup Halts Payouts to Former Execs

Promised severance packages curtailed to avoid public anger

(Newser) - Citigroup has told several of its top former executives that it will not pay out millions in promised severance pay, reports the Wall Street Journal. The bank has already forked out more than half of the $100 million it had pledged to five or so senior employees, but it is... More »

British Execs Released After Latest French 'Bossnapping'

(Newser) - In the latest demonstration of French employees refusing to take job losses sitting down, workers at a glue factory took 3 British execs and their French manager hostage last night, and released them today, the BBC reports. The “bossnappers” demanded a renegotiation of their severance package from Scapa, which... More »

Microsoft U-Turns on Severance Clawback

Company tells laid-off workers they can keep severance overpayments after all

(Newser) - Microsoft is moving to stem a flood of bad publicity by letting laid-off workers who accidentally got too much severance pay keep the extra cash, TechCrunch reports. The workers, who lost their jobs last month in Microsoft's first-ever mass layoffs, contacted news media after receiving letters from the company asking... More »

Factory Sit-In Ends in Victory

Workers win severance and benefits

(Newser) - Laid-off workers who occupied a Chicago factory have agreed to end their sit-in after winning severence pay and benefits, Reuters reports. Each of the 200 workers at shuttered Republic Windows and Doors will receive two months pay, accrued vacation and two months health care coverage. The $1.75 million cost... More »

11 Stories