CEO Quits After One Day, Receives $44 Million Severance Package
That's $5.5 million an hour, if anyone's counting
Haven't these people ever heard of a trial period?
Clearly not in the case of a certain CEO who received a whopping $44 million payday for one day of work. And no, that day did not include buying a winning Lotto ticket.
Here's how it happened: Bill Johnson was hired as the CEO of Duke Energy Corp. He had recently been head of another company that merged with Duke and when the merge took place, it had been agreed that he would be CEO. His first day of work at the newly formed company: July 2.
But one day into the job, something went wrong. On July 3, Johnson resigned, although rumors are speculating he was actually fired. Whatever the reason, he's allowed to collect his severance. Are you ready to hear it? Take a deep breath:
$7.4 million in severance, $1.4 million in bonuses and a sizeable amount of stock -bringing his total exit package to $44 million
It's not the most outrageous amount of severance ever paid to an exiting CEO, but it sure is the most infuriating. At the rate he was working and what he's getting paid for it, he netted $5.5 million an hour!
It “is very odd” for a CEO to exit days after taking command, David Schmidt, a consultant at James F. Reda & Associates, told the Wall Street Journal. “I have never seen that before.”
Yeah, but can you blame the guy? If you could get that much loot for logging 8 measley hours, wouldn't you hit the pavement, too?