There goes another CEO ....

Kristie

Mama Bear....
Staff member
OOHhhh good question - anyone willing to do a little research and find out for all of us?
 

tonyw

Well-Known Member
It depends on whether or not he was dismissed "for cause." I don't have the specifics on Condit's contract, but a lot of them are structured so that if the exec is dismissed for cause, they get nothing. Of course, for cause often is so loosely defined that even Kozlowski at Tyco still got a sweet severance, despite being charged with fraud!
 

FL270

New Member
Catch there is whether a guy was actually "dismissed" or if he resigned before the Board could convene to send him packing. If the CEO resigns, he probably keeps his GP even though he was up to no good. If the Board tried to vote out his severance after he quit they'd probably find themselves sued.

I have no idea if this happened in the Tyco case but it is an easy scenario to envision.

FL270
 
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