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Craig Dubow

Boards to CEOs: You're Fired, But Here's $10M

With the unemployment rate stubbornly high and the economy still suffering a hangover from the Great Recession, it's becoming harder and harder for boards to justify handing C-suite executives gigantic severance packages.While just 13% of CEOs of Fortune 500 companies who left either by choice or involuntarily from 1993 to 2007 had a specific severance contract in place prior to their departure, 47% received some kind of bonus as they left, according to a 2010 Indiana University study.New regulations that have provided a window into how executives are paid have emblazoned the call for reform and put pressure on boards of directors to better manage exorbitant pay packages. However, change will be very slow, if it comes at all, experts say."Generally speaking boards continue to do a poor job in managing executive pay packages," said Broc Romanek, editor at the TheCorporateCounsel.net and CompensationStandards.net. "The fact they'd continue to give out a high level of severance pay at a t...

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