severance pay

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Twitter Owes Former Workers $500M in Severance: Suit
Musk Gets His Way in
$500M Severance Lawsuit

Musk Gets His Way in $500M Severance Lawsuit

Judge dismisses the suit, though plaintiffs can attempt to amend it

(Newser) - The lawsuit accusing Elon Musk of owing at least $500 million in severance pay to former Twitter employees has been dismissed. A judge ruled Tuesday that she lacked jurisdiction in the case because the federal Employee Retirement Income Security Act (ERISA) that governs benefit plans does not cover the situation...

Bed Bath & Beyond Workers Report New 'Punch in the Gut'

First stores closed; now employees say they're being denied severance they thought they'd get

(Newser) - Back in mid-March, a report emerged that Bed Bath & Beyond—which is closing most of its stores and trying to avoid filing for bankruptcy protection —wasn't planning on paying out severance to laid-off workers, even though it had done so during past layoffs. The news came via...

Ousted Disney CEO's Exit Pay Revealed in Filing

Bob Chapek's package is worth about $20M

(Newser) - Bob Chapek may be out at Disney, but he's definitely not down and out. A Tuesday regulatory filing shows he's slated to walk with a severance package worth about $20 million. Insider gives the breakdown: It's $6.5 million in base salary tied to the scheduled end...

Moonves Gives Up on Severance Pay Fight
Moonves, CBS End $120M Fight

Moonves, CBS End $120M Fight

Former CEO fired over sexual assault allegations had sought severance pay

(Newser) - Les Moonves, the former CBS chief executive who was forced out after being accused of sexual harassment and abuse in a period spanning decades, has dropped his attempt to recover $120 million in severance pay. Moonves filed for arbitration in January 2019 over the money after the CBS board decided...

Fired McDonald's CEO Will Get $670K Golden Handshake

Company's top HR exec is also leaving

(Newser) - Fired CEO Steve Easterbrook is getting a golden handshake from the Golden Arches. The McDonald's CEO will receive around $670,000 from the company, which is half his annual salary. But according to a separation agreement filed Monday, Easterbrook will forfeit almost $22 million in unvested stock options, USA ...

He's Accused of 'Protecting a Child Molester.' Now, a $2.4M Payoff

Scott Blackmun, ex-CEO of US Olympic Committee, allegedly let Nassar abuse continue

(Newser) - Gymnasts who suffered sexual abuse at the hands of Larry Nassar just learned the man who allegedly allowed that abuse to continue walked away with $2.4 million in severance. Scott Blackmun—the former CEO of the US Olympic Committee, now dubbed the US Olympic and Paralympic Committee—learned about...

CBS to Les Moonves: No $120M for You

The company's board denies him huge severance package

(Newser) - That $120 million? Don't bank on it, Les. CBS says an internal sexual-misconduct probe has tanked any hope of ex-CEO Les Moonves getting his ginormous severance, CNBC reports. "We have determined that there are grounds to terminate for cause, including his willful and material misfeasance ... as well as...

Marissa Mayer Will Get Huge Payday From Yahoo Sale
Marissa Mayer Could
Walk With $186M

Marissa Mayer Could Walk With $186M

Filings suggest she will make at least that much

(Newser) - Her years in charge of Yahoo haven't been what you would call an unqualified success, but Marissa Mayer still stands to make $186 million if the company's sale to Verizon goes ahead June 8. That figure includes the CEO's Yahoo stock, stock options, and restricted stock units...

Bill O'Reilly's Ouster Could Mean Big Changes at Fox
Bill O'Reilly Is Getting a
Very Comfortable Parachute
the rundown

Bill O'Reilly Is Getting a Very Comfortable Parachute

He may get $25M from Fox after firing

(Newser) - Bill O'Reilly may be gone from Fox , but he's got a rich severance package to ease any pangs. Brian Stelter of CNN reports that the network will pay him "tens of millions" under the exit terms of a lucrative contract he had just signed in March. The...

Yahoo's Marissa Mayer Could Get $55M Parachute

And shareholders aren't necessarily happy about it

(Newser) - Marissa Mayer has failed to stop Yahoo's downward spiral during more than three years with the company, so obviously the CEO is slated to receive a massive severance package worth $55 million, the AP reports. That information comes from a regulatory filing Friday and includes both stock and cash,...

Judge Balks at CEO Payout in American Airlines Merger

He approves deal but won't sign off on $20M severance

(Newser) - A bankruptcy judge today signed off on a proposed merger between American Airlines and US Airways that would create the world's biggest airline, but he's not quite ready to approve a fat severance package for outgoing American CEO Tom Horton, reports the Wall Street Journal . The two companies...

GE Exec to Be Paid $89K a Month ... to Not Work

John Krenicki gets cushy package in return for non-compete

(Newser) - John Krenicki, a vice chairman at GE, is leaving the company ... and in exchange for agreeing not to work for a competitor any time in the next three years, he's getting paid $89,000 per month until 2022. That's more than $1 million per year, the Wall Street ...

Terminated CEO Waives $100M Payout

Eugene Isenberg would have donated severance pay to charity

(Newser) - Eugene Isenberg probably managed to sidestep some of the ire of the 99% with this decision: The former CEO of Nabors Industries agreed to waive his $100 million termination payment when he was replaced as chief executive. Isenberg, who will be kept on as chairman, "certainly didn't need...

Rebekah Brooks Scored $2.7M Payoff From News Corp
 News Corp Slipped 
 Brooks $2.7M Payout 

News Corp Slipped Brooks $2.7M Payout

Renewed interest in former News International exec ahead of Murdoch testimony

(Newser) - Rebekah Brooks may have quit News Corp in disgrace at the height of the phone hacking scandal, but the less-than-harsh terms of her severance package are again grabbing headlines. The "loyal lieutenant," as the Guardian calls her, landed a $2.7 million severance, along with two years of...

AIG Attorney Makes Millions by Quitting Over Pay

Company to award Kelly mammoth severance package

(Newser) - Quitting in a snit over government-imposed pay limits has ensured a bumper payday for AIG's top in-house lawyer, insiders say. The bailed out insurance company is preparing to pay Anastasia Kelly several million dollars in a severance package under company terms that allow some execs to quit and collect severance...

Hard Times Catch Up with Well-Heeled Jobless

Generous severance packages start to sputter

(Newser) - Time and money is finally beginning to run out for large numbers of people who lost their jobs, and have been living off hefty severance packages for up to two years. Many workers who received generous exit packages from the financial and auto industries kept on spending the way they...

Citigroup Halts Payouts to Former Execs

Promised severance packages curtailed to avoid public anger

(Newser) - Citigroup has told several of its top former executives that it will not pay out millions in promised severance pay, reports the Wall Street Journal. The bank has already forked out more than half of the $100 million it had pledged to five or so senior employees, but it is...

British Execs Released After Latest French 'Bossnapping'

(Newser) - In the latest demonstration of French employees refusing to take job losses sitting down, workers at a glue factory took 3 British execs and their French manager hostage last night, and released them today, the BBC reports. The “bossnappers” demanded a renegotiation of their severance package from Scapa, which...

Microsoft U-Turns on Severance Clawback

Company tells laid-off workers they can keep severance overpayments after all

(Newser) - Microsoft is moving to stem a flood of bad publicity by letting laid-off workers who accidentally got too much severance pay keep the extra cash, TechCrunch reports. The workers, who lost their jobs last month in Microsoft's first-ever mass layoffs, contacted news media after receiving letters from the company asking...

Factory Sit-In Ends in Victory
 Factory Sit-In Ends in Victory 

Factory Sit-In Ends in Victory

Workers win severance and benefits

(Newser) - Laid-off workers who occupied a Chicago factory have agreed to end their sit-in after winning severence pay and benefits, Reuters reports. Each of the 200 workers at shuttered Republic Windows and Doors will receive two months pay, accrued vacation and two months health care coverage. The $1.75 million cost...

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