Can someone shed light on what the severance package for VPs, SVPs, EVPs is? I am sure it is a golden handshake and not a 2 weeks per year of service calculation. Thanks!
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Criminals
There is something seriously wrong in this country.
For those kaypoh.....this is per what is disclosed to SEC. What our fearless leaders do beyond this to fill their own coffers, no one knows!!!
Under normal circumstances (not change of control e.g., acquisition)
US Employees
CEO - 24 months pay, outplacement services for 2 years, pro rated bonus (if applicable)
EVP - 20 months pay, outplacement services for 2 years, pro rated bonus (if applicable)
SVP - 16 months pay, outplacement services for 1.5 years, pro rated bonus (if applicable)
VP - 12 months pay, outplacement services for 1 years, pro rated bonus (if applicable)
Non US Employees - Singapore - (no mention of pro-rated bonus. Can imagine it has to be paid)
EVP - 6months + 1 month for each year of service over 6 years (upto max 24 months), outplacements for 2 years
SVP - 6months + 1 month for each year of service over 6 years (upto max 24 months), outplacements for 1.5 years
VP - 6months + 1 month for each year of service over 6 years (upto max 24 months), outplacements for 1 year
Care to share how much such packages are by level? I aspire to become a VP and then get laid off. Want to know if it's worth the effort...lol
VP and above under special deals,not subjected to those as for senior directors and below...it's a lump sump of generous package...no sympathy for VP and above..they are well taken care off when they graduate from STX acedemy