The San Jose Mercury-News lists some of the bonus babies who got bonuses right along with their walking papers:
Consider the outcry over a $34.8 million retirement package for PG&E’s Peter Darbee, who left the company in April 2011 with the company’s reputation in ruins after the deadly San Bruno gas line explosion and subsequent federal safety investigation.
Or the ruckus caused by a generous departing payout to Hewlett-Packard’s Apotheker, who left with millions of dollars after just 11 months on the job.
In another example, AMD’s Dirk Meyer got an $8.7 million severance in January 2011 after only 3 1/2 years as chief executive. Meyer was ousted because of the company’s sluggish growth and failure to get chips into smartphones and tablets.
And then there is Yahoo(YHOO). CEO Carol Bartzleft with $3 million in severance after she was summarily fired in a phone call from the board chairman in September 2011. She also got a prorated cash bonus of $477,534 and accelerated vesting of restricted stock she could exercise for a year.
You don’t have to do a good job. This isn’t “pay for performance.”
This is the club of “wears nice suits, looks good in meetings, draws pretty charts” taking care of its own.
Being in the the club means never having to say you’re sorry.