Retail giant Target recently announced it was closing all
its stores in Canada with 17,600 job losses. The severance pay for all those
workers who would now have to look for a new job totals US$56.3m (£37.5m) which
only totals about $3,198 for each worker.
CEO Gregg Steinhafel was fired last May got a total
severance of $61m (£40.6m) – all for himself. Although Steinhafel’s public
severance was only $15.9m, he also received a “non-qualified deferred
compensation” package, a pension plan that he doesn’t have to pay back and
equity worth about $10m. All in all, he walked away with a reported $61m.
Or about 18,000 times more than the average employee who is
being made redundant because the company’s senior management, as it admits
itself, “tried to do too much, much too fast”.
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