With payoffs like these, who needs layoffs? Philip Geier, former
CEO and chairman of Interpublic, resigned last December, and will
receive - in addition to dollars 12.1 million in salary in 2000 - a
whopping dollars 1.2 million a year for 15 years.
Not only does this golden parachute beat out the usual two weeks of pay
for PR's growing ranks of employees who leave their jobs via pink slip,
it is roughly equivalent to the yearly retainer for a top client.
So agencies already fighting to justify every paper clip purchase and
toner cartridge expenditure now have to bankroll a very pricey
Even the best PR flak would have trouble putting a positive spin on that