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Golden Handshake |
Also found in: Dictionary/thesaurus, Encyclopedia, Wikipedia, Hutchinson | 0.04 sec. |
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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 simular 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. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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In the past, however, golden handshakes have frequently been given to forced-out city officials. As a condition for taking over Stuttgart, Anderson demanded carte blanche for the necessary bloodletting, and twenty-five dancers, both with and without tenure, were given golden handshakes, found other jobs, or let go. Instead of cash, the winner receives a week's worth of television advertising, an hour on ``Oprah,'' book deals, golden handshakes with the city's top power brokers and, most important, a TV audience hungry for quality entertainment. |
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