Old executives don't fade away. Increasingly, they stay on as company-paid consultants.
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Tyson Foods pays former chairman Don Tyson $1.2 million a year for "advisory" services through 2011. But the SEC found that he received $3 million in perks and benefits — both while in office and in retirement — that were improperly disclosed.
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• Motorola's Chris Galvin, who retired as CEO in 2004, gets $4.6 million for two years of unspecified work. That's on top of a $13.8 million supplemental pension.
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• For being "available to consult," PepsiCo says it's paying former vice chairman Abelardo Bru $1.9 million a year through 2008.
http://www.usatoday.com/money/companies/management/2005-05-02-consulting-deals_x.htm--------------------------------
Gee, now I get it! Stupid me. We need to outsource so we can pay CEO's millions not only for real work, but also for pretend work.