Forum Post: CEO out of $100 million
Posted 13 years ago on Oct. 19, 2011, 8:47 p.m. EST by kathieb
(65)
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As protesters demonstrate against income inequality in Zuccotti Park and around the world, one company CEO will likely net nearly $100 million to stop doing his job.
Douglas Foshee, CEO of El Paso -- the natural gas pipeline operator that will be acquired by rival Kinder Morgan in a $21 billion deal -- is eligible for an exit package worth approximately $95 million, according to the Wall Street Journal. Foshee can walk away with the millions if he leaves within two years of an acquisition and the CEO says that’s exactly what he plans to do.
well not sure when he arrived, but stock has gone from 10 to 26. so he did create a lot of wealth for pension funds who were invested in the stock
That's a ton of money but at least in this case he's not getting paid to leave after doing a crappy job or getting fired.
He sold the company for about a $21 billion which is about a 20% premium over the then current stock price That's ~$3 billion to shareholders on top of whatever other gains they may have had. The ~$100 million would be about 3% of the value of the bump or 0.5% of the total price.