Follow ZeroHedge in Real-Time on FinancialJuice They can be handcuffed, they can be given coffins, they can be parachuted, they can be bungee’d, they can be life-jackets, they can be a hello and they can have their hands shaken. What are we talking about? Well, all of these things seem to have one thing in common, they are golden!
Golden parachutes granted to the chief executives of BlackBerry Ltd. and Nokia Corp. thrust the controversial change-of-control incentives back into the headlines and consciousness of everyday investors, but they have already been high on the agenda of compensation and governance experts since the financial crisis.
LOS ANGELES (AP) — Departing Time Warner Cable Inc. executives are in line to receive "golden parachute" compensation totaling around $135 million as part of Comcast Corp.'s $45 billion acquisition of the cable operator.
LOS ANGELES (AP) -- Departing Time Warner Cable Inc. executives are in line to receive "golden parachute" compensation totaling around $135 million as part of Comcast Corp.'s $45 billion acquisition of the cable operator....
Tony Hayward is out as CEO of BP after the company's disastrous oil spill. He stands to walk away with a compensation package that includes about $1.5 million in salary, and a pension worth $17 million. That will seem like an unforgivable sum to many people. But as "golden parachutes" go, his deal is actually quite modest.
While it is not entirely accurate to blame the ignominious downfall of RIMM BlackBerry on current CEO Thorsten Heins, who only took over from Co-CEOs Mike Lazaridis and Jim Balsille in early 2012 at a time when the company's decline into irrelevance was already in progress, it is safe to say that the amount of stockholder value destruction under Heins' watch has been unprecedented. As such, one would imagine that the compensation for Heins is "equitable" to his value created for the company and its shareholders, i.e.
Five years back, a group of disgruntled Unique Broadband Systems shareholders — led by Grant McCutcheon, Henry Eaton and Robert Ulicki — convinced enough owners to oust the board and set the company on a different path.
The new group barely had time to find the boardroom before they were hit with $16 million in lawsuits from two insiders, Alex Dolgonos (a technology consultant) and Gerry McGoey (the former chief executive.)