The golden parachute is evolving into the platinum kiss.
Scores of CEOs depart the corner office with huge exit packages. But recent deals — making retiring executives newly minted $100 million (and up) men — are raising eyebrows even among those accustomed to oversized payouts.
The latest execs who will cash in as they step aside: Nabors Industries’ former CEO, Gene Isenberg, due $126 million when he exits as chairman, and IBM CEO Sam Palmisano, due $170 million. They follow Google’s Eric Schmidt, who received $100 million in stock after leaving as CEO.
Worth it or not, the trio underscore the pay inequity that has made Corporate America’s elite ripe targets of populist movements such as Occupy Wall Street. Moreover, their paydays draw fresh wrath from corporate governance experts.