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January 10, 2007

All Business: In a rare move, departing CEO's severance is cut

  • Ironclad contracts can make it hard, but most boards don't even try to lower payouts when performance disappoints.
    • By RACHEL BECK
    AP Business Writer

    NEW YORK — Sharper Image found itself in a distinguished spot recently when the board of the troubled retailer did what most of its counterparts in corporate America have failed to do: It cut its former CEO's severance package.

    In an era where bloated payouts are the norm — like the $210 million that Home Depot Inc.'s Robert Nardelli is expected to get after resigning from the home improvement retailer — few companies are willing to slash the money that they had promised to pay executives when they depart, or in some cases, are shown the door.


     
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