Population Statistic: Read. React. Repeat.
Friday, June 13, 2021

So what happens when Mr./Ms. Chief Executive Officer cashes out physically, before getting the chance to rip the cord on a big-money golden parachute?

Never fear. CEOs can screw over their shareholders from beyond the grave, in the form of a posthumous fiduciary compensation package known as a “golden coffin”.

The CEO of Shaw Group Inc. is in line to be paid $17 million for not competing with the engineering and construction company after he dies.

Lockheed Martin Corp.’s top officer didn’t even need to die to get a death benefit; Lockheed paid out the sum, about $1 million, in March while he was still very much alive.

Death benefits, sometimes called golden coffins, have been around for years, but until recently the amounts were often impossible to determine or were shrouded in the fog of proxy-statement language. A federal rule change 18 months ago required companies to be clearer about what they’re obliged to pay if top executives end their employment, under various circumstances.

And by the looks of some of these death-deals, it seems more than one CEO out there is worth more dead than alive.

No, you can’t take it with you. But I guess these business suits are encouraged by the knowledge that they’ll keep collecting even after they’re gone.

by Costa Tsiokos, Fri 06/13/2008 06:50:45 PM
Category: Business
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Today is Friday, and today is the 13th. So trip on that paraskevidekatriaphobia, and watch your back.

But suddenly, the bad numerical mojo doesn’t end with the old one-three. In China, the string of disasters that have occurred, and are anticipated, during 2008 have cast a pall upon the traditional good-luck vibes associated with the number 8.

No word on if author and New York Times reporter Jennifer 8. Lee is contemplating a name change.

by Costa Tsiokos, Fri 06/13/2008 08:26:58 AM
Category: Media, New Yorkin', Society
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