Friday, September 23, 2011
John Wren, CEO of Omnicom
Even death can’t stop the multi-million dollar enrichment of those related to CEOs.
For many of America’s top business leaders, the wealth of perks enjoyed include “golden coffin” arrangements that pay out tens-of-millions in benefits to families.
Golden coffins are provided as a way to keep CEOs from jumping ship to rivals or other companies.
At one point, the family of Eugene Isenberg of the oil-drilling company Nabors Industries would have been owed $263 million in “severance” pay had he died in office. The Grim Reaper could have ushered Isenberg away, but his loved ones would have been guaranteed luxury for life.
At holding company Omnicom, CEO John Wren’s family stands to collect $41 million in death benefits, including equity awards, incentives and life insurance.
Michael Jeffries at Abercrombie & Fitch will leave behind $17 million in added support for his relatives.
According to data analyzed by the AFL-CIO, in 2010 the average annual compensation for 299 CEOs of the S&P top 500 companies was $11,358,445.
-Noel Brinkerhoff, David Wallechinsky
$260 Million After Death? How Rich Executives Make Money From Beyond the Grave (by S.E. Smith, AlterNet)
Companies Promise CEOs Lavish Posthumous Paydays (by Mark Maremont, Wall Street Journal)
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