Not a bad deal. John Wilder, CEO of TXU, was able to play the game well. He picked up $300,000,000 according to his employment contract, which vested his stock options because the company was being sold. Guess who is CEO of the sold company? John Wilder.
Gary Loveman, CEO of Harrah's, pulled off the same type of deal. He cashed in his options (worth about $90,000,000) because the company was sold, but was able to continue as CEO of the new company.
These are golden parachutes that continue to pay even though you do not have to jump. Great deal if you can get it.
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