Extract
Designing the CEO exit package.
Few milestones a company and its board face are more critical than the board's decision to part ways with an incumbent CEO for reasons other than normal retirement or an outside takeover. Yet, despite the complexity and implications of a CEO's departure, few boards are prepared for the intricacies of the CEO exit package. After all, boards must consider everything from the treatment of underwater stock options to what, if any, medical coverage will be provided, at the same time as the company searches for a successor and tries to manage a smooth transition to the new leadership.
What makes CEO severance such a challenge for boards is that virtually every exit package is tailor-made to the CEO's personal and professional circumstances, tenure, and reason for departure. Companies generally have rejected generic templates and i...See the full content of this document
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