Wednesday, June 11, 2008

Till Death Do Us Part

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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