So, let’s just say you walk into work today and find out your job is no longer in play because the profit for the business has been declining rapidly for some time now. On top of this, you only just started the job just over a year ago so you are still pretty much trying to find your feet. The first thing you would worry about is losing your livelihood isn’t it?
But then, there’s some good news you hear in your ‘redundancy meeting’. Whereby, you’re entitled to a severance package which will include a pay check for your troubles and to keep you afloat for a little while. How much can we expect? $20,000? $50,000? $100,000?
Typically the average worker can expect the figures mentioned above. But these are nowhere near the colossal amount John Flannery, former CEO of GE executive, was offered in October 2018. He got offered a whopping $4,250,000! Yup, that’s $4.25 million after just 14 months into the job. Mr Flannery has been fired from the firm after the board became aware that the business had deepening problems at the troubled power unit.
Not only that, but when employed the former boss was entitled to performance related securities which have been valued at several million dollars’ worth. John is currently 57 years old. In 3 years’ time he will also be allowed to start receiving a pension valued at over $23 million.