Tadman wrote:That is an obscene buyout. I usually defend CEO pay, but that's just nuts. It's about equal to the money Pagano stole and far more than Clifford's annual salary, which was something like $200-250k. So here we have the ugly exit of Pagano over stealing $400k+, and Clifford exits quietly and gets a $400k gift equal to almost double his salary?
It is about what it would cost for the rest of his contract plus a year's severance. The kicker is the additional $300k that Metra could pay if Clifford does not find the next job. Basically two more years pay beyond the initial contract. $742k for nothing more than he has already done.
That being said I assume that there are some protections in the contract for the agency. Probably protections that we the taxpayers do not want to see ... prohibitions on discussing his relationship with the dysfunctional board. In a way, it is hush money ... paid to protect the board. A board that felt they should be running Metra instead of the CEO they hired to run Metra for them.
Tadman wrote:I gotta get on the gravy train...
It would be nice, wouldn't it? Work for just over two years and get paid (potentially) for more than five. I took a severance hush money buy out from one company I worked for but it was only worth four week's extra salary. And I was not making $252k per year.
It is basically unemployment compensation ... he was just employed at a higher level. But it sure feels like hush money.