golden handshake


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Golden handshake

A large payment to a senior employee who is forced into retirement or fired as a result of a takeover or similar development.

Golden Handshake

A clause in a high-ranking executive's hiring contract describing a lucrative severance package once the executive leaves the company. The package often includes cash and stock options worth millions of dollars, as well equity in the company. The executive is normally eligible for a golden handshake regardless of the circumstances under which he/she left the company, whether retirement, redundancy brought about from a merger or acquisition, or termination for mismanagement. Controversy surrounding the practice tends to increase in times of increased mergers, as well as in economic downturns.

golden handshake

a generous severance payment made to an employee as an inducement to leave an organization. The phrase is also sometimes used to describe payments made to retiring employees as a sign of gratitude for their services. See REDUNDANCY.

golden handshake

a generous severance payment made to a director or worker of a company who is dismissed prior to the expiry of his or her service contract.
References in periodicals archive ?
Other pounds 1 million-plus golden handshakes were reportedly paid by firms including Barclays, Alliance & Leicester, the Hilton Group, Glaxo Wellcome, J Sainsbury and Cadbury Schweppes.
The councillors of Plaid Cymru The Party of Wales will have to wait a long time before they get that kind of golden handshake, as most of them are a long way off retirement age.
Meanwhile, six directors who are in line for redundancy from their pounds 95,000-a-year posts could walk out with apounds 1millionpayout The golden handshake is a lump sum based on their final salary and years of service, with their pension payments added.
Their hands were up in the air voting for a pounds 10,000 annual tax-free golden handshake.
ANDY COLE has been given a pounds 1million golden handshake to make up for the misery of quitting Man United in a pounds 7.
CANYON COUNTRY - After 28 years as an office machine repairman, Roy Hermann accepted the golden handshake one Friday and enrolled in a picture-framing class the following Monday.
Mr Porter-Williams took early retirement this year with a pounds 210,000 golden handshake and was then controversially re-hired on a consultancy basis.
This is the same cash-strapped Government who yesterday agreed to pay a EUR700,000 golden handshake for a former civil servant.
All local councillors will also be celebrating with a proposed multi-million pound package that will give failed council leaders a pounds 10,000 golden handshake, increase councillors' allowances and give them exemption so that they can claim dole.
Ball also got a pounds 750,000 golden handshake from his former club.
Union leaders yesterday called for an investigation "at the highest level" after it emerged that the former head of a debt-ridden college was given a pounds 169,000 golden handshake.
I have decided to respond to the comment made by the spokesman for Helical Bar in the Echo on August 27, stating that a golden handshake was provided to myself (Tassius Lazarou) for vacating Morgan Arcade.