That's not true with many CEOs of large companies. Even after they die, they still get paid. And with more than the company-paid life insurance!
One, the CEO of Shaw Group, will get paid $17,000,000 after he dies. Why? So he won't compete. Lockheed Martin has hired someone who was lucky enough to collect his $1,000,000 death benefit while he was alive. Nabors Industries will pay severance of $263,000,000 to the estate of its CEO when he dies.
Occidental Petroleum is particularly generous to dead executives. They gave Armand Hammer a contract that paid him through reaching the age of 99 whether or not he was actually alive at that time; he died at 92. The estate of the current president, Ray Itani, stands to be given $115,000,000 in long term incentives.
It's the greatest job in the world - CEO of a major public company.
Read more in the WSJ.
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