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How would you like to get paid for NOT working?

by gingerbrackett on October 12th, 2006

A Mother’s Wisdom #8

According to the folks at moneycentral.msn.com, the biggest company executives scored this year, not by showing up for work, but by quitting. Nice non-gig if you can get it. The money gang supplies this note of particular interest:

Here’s a closer look at some of the juicier perks executives have gotten so far this year, thanks to Michelle Leder at footnoted.org.

When former Nike Chief Executive William Perez resigned last January after a little over a year on the job, he got a very sweet golden parachute. Nike gave Perez a severance package worth $5.5 million, including $2.8 million that represents two years’ base salary and a $1.75 million bonus for 2006 even though he didn’t serve for most of the year. Nike accelerated the vesting of restricted stock — allowing Perez to take another $11 million.

Nike also purchased his Portland, Ore., home for the price he paid, or $3.18 million. But here’s the kicker: The company picked up the tab on $579,649 worth of renovations Perez made at the home. Nike also offered $56,500 to cover prepaid athletic club fees if he quits the gym. “If you are making that kind of money, do you really need to have someone pay your athletic club fees?” asks Leder.

Did you get all of that? $1.75 million big ones, and the guy didn’t even show up most of the time. A golden parachute? Most of us hope for a decently padded mattress to break our fall. Think of poor Mr. Perez the next time you contribute to his retirement, er, I mean, invest in some Nike gear.

- Virginia Brackett, BSMT, Ph.D.

Technorati Tags: Nike, gold, parachute, corporate, bullshit, shoes

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POSTED IN: A Mother's Wisdom, Misc., Running