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> "After all, the main benefit of Smith retiring from Equifax, as opposed to being fired for cause—besides preserving his dignity—is that he'll get to continue
by caseysoftware 9y ago
> "After all, the main benefit of Smith retiring from Equifax, as opposed to being fired for cause—besides preserving his dignity—is that he'll get to continue earning his unvested stock compensation, including options and performance-based awards, as though he were still working at the company, according to Equifax policy. That perk, however, could still be revoked."
Generally when you leave a company your vesting stops. This is such a sweet deal, it's disgusting. They should have fired him for gross negligence and sue the lot of them.
(I know, they're probably thoroughly protected by corp vs individual status, layers of bureaucracy, etc, etc but it makes me feel good saying "sue the bastards!" so let me. ;) )
- nindalf 9y agoI think the issue here is that Equifax's systems are in a bad way. They need a new CEO but if they left the current one in the cold, they'd have a hard time finding a new CEO who'd be willing to bear ultimate responsibility for a system they had 0 influence in building. I believe that's the deal with golden parachutes - in the eyes of corporations, there are very few qualified CEO candidates and these candidates dictate terms - the first of which is a golden parachute.
- FatherCadan 9y agoI heard a commentator (I think from Forbes) say that it is bad that the CEO is leaving because you now have an additional crisis of finding a new one on top of the current mess. Although I suppose this assumes that the now retired CEO has knowledge of the company that is valuable... Time will tell.