A selection of those who got a little extra with their P45.
Technology is big business these days, with company revenues stretching into the billions for some lucky organisations, and these large companies need experienced leaders, those to guide them through troubled times and bring success. But what happens when a change of leader is the best option? Terminating contracts can be costly, and it certainly proved so for the following five companies…
Edward Whitacre, AT&T – $230m
Former CEO Whitacre collected $230m when he stepped down in 2007, having overseen AT&T’s rise from regional services provider to national powerhouse, all despite never apparently using a computer or e-mail whilst at the company. He was not one to rest on his laurels, however, going on to take up further board positions at ExxonMobil and General Motors, winning special praise for his revitalising of the latter.
Louis Gerstner, IBM – $189m
Credited with being the man who turned around IBM’s fortunes, having overseen the closure of its retail desktop PC business in the face of overwhelming competition, Gerstner received a payoff of $189m when he left computing giant IBM in 2002. He continued as Chairman of the company for several months before taking up a post at notorious equity firm The Carlyle Group.
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