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Severance Package

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BUSINESS
January 8, 2006
I am deeply disturbed that Mattel's board of directors would approve such a disgraceful severance package for Matthew Bousquette ("Ex-Executive to Receive $6.9 Million From Mattel," Dec. 29). The board's decision reflects a total disregard for equity at a time when some Mattel employees have been laid off and our society is in the midst of a crisis of a growing gap between the haves and the have-nots. As a society we need to find equitable solutions to this disgraceful, if not unethical, decision making.
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BUSINESS
April 11, 2014 | By Ricardo Lopez
Amazon warehouse workers who hate their job and are eyeing the exit now have a lucrative payout offer. Online retail giant Amazon.com is offering its employees up to $5,000 if they quit, Chief Executive Jeffrey Bezos wrote in a letter to shareholders . Bezos spoke about a program offered to employees called "Pay to Quit" and credited Zappos, another online retailer known for its progressive human resources style, for the idea. The program is offered once a year to employees at its warehouses.
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OPINION
June 14, 2003
Re "Top L.A. Unified Attorney Is Fired," June 10: When a school district seemingly as poor as the L.A. Unified School District fires a man and grants him a severance package of more than $342,000 I begin to wonder who gave him this contract and how many others like it are out there. It is criminal that this type of situation exists while programs are being cut and school employees are being told that they will be furloughed to cut expenses. Now the district may use more private firms to do its legal chores, at a greater expense.
BUSINESS
February 12, 2014 | By Salvador Rodriguez, This post has been corrected, as indicated below.
Verizon Wireless is closing five of its customer-service call centers in the U.S. and consolidating seven others in a move that will affect about 5,200 workers. "The company is closing a few call centers, and we are relocating those jobs to make best use of these open seats that we have," said Ken Muche, a spokesman for the New Jersey company. It has open seats and desks at many of its call centers, he said. PHOTOS: 10 ways to use the sharing economy In California, Verizon Wireless will close its call center in Irvine in May, a move that will affect 1,075 employees.
NEWS
November 9, 2001 | Times Wire Services
The agency that oversees Logan Airport in Boston cut the severance package for its executive director from $175,000 to $128,000 in response to public criticism and a prod from acting Gov. Jane Swift. Virginia Buckingham, 36, resigned from the Massachusetts Port Authority two weeks ago in the aftermath of the Sept. 11 attacks. The hijacked jetliners that brought down the World Trade Center twin towers had taken off from Logan.
CALIFORNIA | LOCAL
December 11, 1988
The Lawndale City Council has approved a $23,700 severance package that includes half of the $5,000 in benefits the council had refused to pay ousted City Manager Daniel P. Joseph last week. Joseph said he would accept the offer, which substantially complies with a proposal he made in a letter to City Atty. David J. Aleshire last week. The offer, approved at a special meeting Thursday night, includes four months' salary of $20,808, two months' benefits--about $2,500--and a $400 car allowance.
CALIFORNIA | LOCAL
May 20, 1993 | HELAINE OLEN
The City Council voted unanimously Tuesday to offer to pay the salaries of more than 40 employees through July 1, when they are scheduled to be laid off. If the group of targeted employees accepts the offer, the city will also provide them with health insurance through Sept. 1 and career counseling. The cost of the severance package is estimated at $28,000, said Orv Placial, personnel director. The workers would be eligible for the benefits even if they resign before July 1.
BUSINESS
May 9, 1996 | James S. Granelli
George Kadonada walked away from his job as chief executive of US Facilities Corp. last year with nearly $1.6 million in cash and property, according to the company's recent proxy. Kadonada, who parted ways with the Costa Mesa medical and casualty insurer amid a hostile takeover attempt, received more than three times the amount believed paid when the company said it would take a $500,000 charge to pay for his severance package.
CALIFORNIA | LOCAL
June 30, 2001 | NICHOLAS RICCARDI, TIMES STAFF WRITER
Friday was Mark Finucane's last day of work as Los Angeles County health director. But it will not be his final day on the public payroll. A severance package approved by the Board of Supervisors allows him to work as a consultant for the county for the next year. He will continue to earn his $241,000 salary, receive full benefits and enjoy free county office space, his county-issued laptop, cellular phone and gasoline credit card.
BUSINESS
September 16, 1994 | Don Lee, Times staff writer
Hughes Aircraft workers who get pink slips won't be leaving empty-handed, but they won't be getting nearly as generous a severance package as their predecessors got two years ago. In announcing this week the shutdown of its Fullerton plant by the end of 1995, Hughes said an estimated 800 to 1,000 of the 6,800 workers there would be laid off. The first wave of pink slips is due in about six weeks.
BUSINESS
March 27, 2013 | By Hugo Martin
A judge overseeing the bankruptcy of American Airlines' parent company questioned the timing Wednesday of a proposed severance package for the carrier's chief executive. AMR Corp. has requested approval from the judge to merge with US Airways and then exit bankruptcy later this year. Under the deal, US Airways Chief Executive Doug Parker would become the new airline's top executive while American Airlines CEO Tom Horton would become chairman of the board. AMR submitted a request to U.S. Bankruptcy Court Judge Sean Lane to pay Horton a severance package of nearly $20 million after the merger is completed.
BUSINESS
March 18, 2013 | By Hugo Martin
The U.S. trustee overseeing the bankruptcy proceedings for American Airlines' parent company is questioning a $19.9-million severance package for the company's top executive. In a filing made last week, Trustee Tracy Hope Davis said the airline, which filed for bankruptcy in 2011, is obligated to explain the severance package it proposes for its Chief Executive Tom Horton. AMR plans to merge with US Airways Group, the parent company of US Airways, to form what is expected to be the nation's largest airline.
WORLD
February 10, 2012 | By Lauren Frayer, Los Angeles Times
Spain's new conservative government announced drastic changes to the country's labor system Friday, in some cases altering contract terms that have been untouched for 50 years, in a bid to bring down Europe's worst unemployment rate. Under the new labor rules, companies doing business in Spain will be able to hire and fire workers more freely, negotiate pay independent of national contract mandates and score tax breaks for hiring people younger than 30. Severance packages long deemed among the most generous in Europe will be cut by more than a quarter, from 45 days' pay for every year on the job to 33. Temporary workers, a full third of the Spanish workforce, will be entitled to permanent status, with better pay and benefits, after two years rather than the current three.
CALIFORNIA | LOCAL
December 4, 2011 | By David Zahniser and Jessica Garrison, Los Angeles Times
Rudolf Montiel seemed remarkably sanguine last spring, sitting in a meeting room at the Los Angeles Housing Authority headquarters as he was publicly castigated by tenants just before being fired as the head of the largest public housing operation west of the Mississippi. He even smiled slightly as he threaded his way through an angry crowd. Before he stepped into the elevator, Montiel coolly suggested that his ouster had "an air of retribution and retaliation. " Montiel may have had reason to smile.
CALIFORNIA | LOCAL
November 25, 2011 | By Jason Song, Los Angeles Times
The board of First 5 LA will give its former chief executive officer an expensive severance package even after she resigned earlier this month following a critical audit of the agency. Evelyn V. Martinez submitted a letter on Nov. 10, saying the commissioners had required her to resign instead of being fired without cause from the independent Los Angeles County agency, which uses state cigarette taxes to fund health, safety and educational programs for children from birth to age 5. In her letter, Martinez said she was entitled to a lump sum payment equal to 12 months of salary and health benefits and her unused vacation.
WORLD
August 24, 2011 | By Henry Chu, Los Angeles Times
British Prime Minister David Cameron faced more questions about his judgment Tuesday amid reports that one of his top aides continued to receive money from the News of the World even after quitting the tabloid because of the phone-hacking scandal and signing up to work for the Conservative Party. Cameron hired Andy Coulson as the party's chief communications guru in 2007, shortly after Coulson stepped down as editor of the News of the World. His resignation followed the conviction and imprisonment of the newspaper's royal affairs reporter for illegally accessing voice mail messages left by Princes William and Harry.
NEWS
January 4, 1991 | JILL STEWART, TIMES STAFF WRITER
In a move that promises to spark a battle over who governs development in Los Angeles, City Council members John Ferraro and Zev Yaroslavsky on Thursday urged the council to seize control of the Community Redevelopment Agency from Mayor Tom Bradley and his appointed commissioners.
BUSINESS
March 24, 1998 | JOHN O'DELL, TIMES STAFF WRITER
Stephen W. Prough, the longtime thrift industry executive who unexpectedly resigned as president of Downey S&L and its Downey Financial Corp. holding company a year ago, received $800,000 in severance pay, double his $400,000 annual salary. Downey's new proxy report to shareholders shows that Prough, who was 52 when he stepped down, received a total of $1.7 million after he resigned Feb. 14, 1997, less than four years after he took the job.
WORLD
June 17, 2011 | By Anthee Carassava, Los Angeles Times
Greek Prime Minister George Papandreou faced a political rebellion Thursday when two of his Socialist party lawmakers resigned and a clutch of others challenged his leadership as the country teeters on the verge of financial collapse. Though the resignations — which followed another defection by a Socialist lawmaker this week — did not end the party's majority in the Parliament, the crisis upstaged Papandreou's vow to overhaul his Cabinet in the midst of swelling social unrest and violent protests against deep budget cuts.
BUSINESS
February 19, 2011 | By Hugo Martín, Los Angeles Times
Even on Rodeo Drive in Beverly Hills, one of the world's most expensive stretches of commercial real estate, the nation's economic woes have claimed a longtime employee. Because of budget problems, the city's visitors bureau has laid off its official ambassador, who has welcomed hundreds of tourists and visitors on Rodeo Drive for the last 11 years. Gregg Donovan, 51, the top-hat-wearing former hotel concierge, got his walking papers last month. No longer will he stroll Rodeo Drive, welcoming tourists to such high-end stores as Gianni Versace, Jimmy Choo and Battaglia.
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