Another Outrageous Golden Parachute to a CEO

Another Outrageous Golden Parachute to a CEO

The scandal of greedy CEO’s and irresponsible Corporate Boards includes the outgoing CEO of Eddie Bauer, FGreedabian Mansson. I’ve reported about this fact before (12/19), and now the Seattle P.I. reports that even though Edie Bauer lost $275 million this year and is worth just one third of it’s value a year ago, the outgoing CEO will be paid a $10 Million dollar golden parachute after four years as head of the failing company. Mr. Masson was hired in 2002 to restore it financially, but there has been a 66% percent loss of stock value since 2005 while paying Masson some $980,000 a year in salary. But, this kind of financial madness in which corporate executives are paid outrageous amounts of money while the company is going broke is all too common because the corporate boards of directors too often fail in their fiduciary duty to their shareholders.

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