Short stint, big payout: View CEO severance packages
Yahoo's chief operating officer Henrique de Castro is leaving after 15 months with a hefty severance package worth nearly $58 million.
USA TODAY Network lists corporate executives who have received golden parachutes after short stints on the job.
• Time Warner Cable
CEO: Robert Marcus
Tenure: January to present
Severance: $79.9 million in pay, stock options and restricted shares
Marcus will receive his exit package following Time Warner Cable's $45 billion merger with cable rival Comcast.
• Gillette
CEO: James Kilts
Tenure: 2001 - 2006
Severance package: $164 million in pay, benefits
Kilts led Gillette's $57 billion merger with Procter & Gamble in 2005.
• Viacom
CEO: Tom Freston
Tenure: January-September 2006
Severance: $85 million
(including $58.9 million in pay, $5.7 million in retirement -fund payout and $9.8 million in stock.)
Freston was ousted after failing to acquire MySpace and to boost Viacom's share price.
• McKesson Corp.
CEO: John Hammergren
Tenure: 1999-present
Severance: $114 million
Facing shareholder unrest, Hammergren agreed to cut his pension payout from $159 million.
• El Paso
CEO: Doug Foshee
Tenure: 2003-2011
Severance: $91 million
Foshee stepped down after El Paso's merger with Kinder Morgan.
• SandRidge Energy
CEO: Tom Ward
Tenure: 2006-2013
Severance: $90 million
Ward, who founded SandRidge in 2006, was fired after an investigation into a deal in which SandRidge bought land from an entity controlled by the Ward family.
• Hewlett-Packard
CEO: Carly Fiorina
Tenure: 2002-2005
Severance: $21 million in cash and stocks
CEO: Mark Hurd
Tenure: 2005-2010
Severance: $37 million in cash and stocks
CEO: Leo Apotheker
Tenure: November 2010 - September 2011
Severance: $7.2 million in cash, plus $18 million in stock.
An HP CEO curse? Fiorina was forced out after HP shares sank more than 50% during her watch. Hurd resigned after violating company business standards. Board members lost confidence in Apotheker after a string of disappointing quarters and sagging stock prices.
• Pfizer
CEO: Henry McKinnell
Tenure: 2001-2006
Severance: $180 million in cash, stock and pension
Part of the reason why McKinnell was forced out was due to board members' anger over his large retirement package. He was still able to keep the package.
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