Duke Energy CEO quits on his first day on the job, gets $44 million payout

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Duke Energy CEO quits on his first day on the job, gets $44 million payout

It’s well known that American corporations like to pay CEOs huge chunks of money whether they suck or not. Drive your company into the ground and you get a huge golden parachute payout. Hell, don’t do a damn thing but put in your resignation within 24 hours and you still get bank. Just hours after Bill Johnson assumed the position of CEO with Duke Energy, he put in his resignation and got a check for $44 million.

Despite his short-lived tenure, Mr. Johnson will receive exit payments worth as much as $44.4 million, according to Duke. That includes $7.4 million in severance, a nearly $1.4 million cash bonus, a special lump-sum payment worth up to $1.5 million and accelerated vesting of his stock awards, according to a Duke regulatory filing Tuesday night. Mr. Johnson gets the lump-sum payment as long as he cooperates with Duke and doesn’t disparage his former employer, the filing said. Under his exit package, Mr. Johnson also will receive approximately $30,000 to reimburse him for relocation expenses.

The Duke board voted for Johnson’s resignation, and since Johnson was eligible for severance if he quit for “good reason,” he is able to collect his $44 million. Grist calculates that Johnson’s pay package comes out to $5.5 million per hour, if he actually put in a full 8-hour day.

Via