Douglas Foshee, El Paso CEO, To Get $95 Million Exit Package: Report

[one_voice]

As protesters demonstrate against income inequality in Zuccotti Park and around the world, one company CEO will likely net nearly $100 million to stop doing his job.

Douglas Foshee, CEO of El Paso -- the natural gas pipeline operator that will be acquired by rival Kinder Morgan in a $21 billion deal -- is eligible for an exit package worth approximately $95 million, according to the Wall Street Journal. Foshee can walk away with the millions if he leaves within two years of an acquisition and the CEO says that’s exactly what he plans to do.

Foshee's big exit pay may not be completely uncharacteristic among CEOs. C-suite level executives that don't work in finance make up the biggest share of the top 1 percent of income earners, according to a recent report.

At least Foshee would be getting a reward for a job well done. The WSJ reports that he engineered a transformation at El Paso during his eight years at the company. But some CEOs still managed to net millions after they left even when their former employers weren’t happy with their work.

http://www.huffingtonpost.com/2011/10/18/douglas-foshee-el-paso-ceo-95-million-exit-package_n_1018333.html?icid=maing-grid7|main5|dl1|sec3_lnk1|105631

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