Fifteen Shocking CEO Severances

Here’s another tip for our Make the Most of Unemployment guide: if you’re going to get fired, be a CEO. HR World has rounded up 15 of the most shocking golden parachutes given out by big corporations to their departing leaders. Some of our favorites, inside.

What do you know, a lot of these companies that gave sweet severance packages to their CEOs were also nominated for Worst Company in America, with two of them reaching the Elite Eight. The first one, Exxon, sent its CEO Lee Raymond off with a $351 million package; the money should come in handy for when he wants to offer additional awards to scientists who come up with evidence that global warming is a myth.

Angelo Mozilo of Countrywide Mortgage (also an Elite Eight member) has appeared on Consumerist recently, as a result of investigation of the “Friends of Angelo” program that gave sweetheart rates to influential borrowers, including members of Congress. Oh also, he was part of that whole subprime mortgage meltdown. Guess that’s why he only got $23.8 million when he stepped down.

Last but not least, 2006’s Worst Company in America and 2007’s runner-up, Halliburton, gave a $34 million package and 430,000 shares of stock to its outgoing CEO, Dick Cheney. Unlike Countrywide, Halliburton is doing pretty well for itself right about now.

15 of the Most Astonishing Retirements, Bonuses, and Cash-Outs in Corporate America [HR World]
(Photo: Getty) (Thanks to Paul!)

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