Biggest Golden Parachutes
As outcry grows over executives who reap millions in severance bonuses in the face of their companies' downfalls and bail-outs, TIME takes a look at other golden parachutes — and the people who opened them.
—Claire Suddath
When Michael Ovitz was hired as Disney's president in 1995, his contract included a $130 million severance package should he be fired without cause after a year. Well, he was — and the $130 million went with him. Seventeen shareholders filed suit, claiming Disney directors had been reckless in agreeing to hire Ovitz and then fire him so soon after, and demanded the money back. In 2006, Delaware Supreme Court found in favor of Disney, and Ovitz got to keep the money.
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