Thursday, October 30, 2008

Nice Work If You Can Get It

Chris Edwards' blog post The $8m goodbye describes last-minute employment contract sweeteners given the departing Cadence executive team, including the CEO: totalling that lot up, it will cost Cadence in the region of $8m cash to say goodbye to the bulk of its former senior executive team.

Can you say Golden Parachute? I guess as long as any laid-off rank & file workers will be offered similar terms, this is fine. That'll be happening, right?

4 comments:

harry the ASIC guy said...

Just in time for Halloween.

BOO!!!

Daniel Payne said...

John,
That's one sweet deal for the departing execs, however it's up to the board of directors to set the hiring perks for at least the CEO. They negotiated for a golden parachute and got it, now if they could only inspire the Cadence sales force to go and close some good deals...
Daniel

John said...

BoDs are just made up of other CEOs - of course it's a sweet deal, and of course they agreed. Doesn't make it any less criminal.

JMF

P.S. - nice photoshop job Harry! That WAS scary...

skmurphy said...

With three lawsuits already filed against Cadence the departing execs may need that money to cover legal fees (if not to pay judgments/settlements).