How to get fired, get a million dollar raise, bonus and 30 month contract

from the same people that fired you.

Cost-cutting stock brokerage Charles Schwab Corp. is keeping its recently ousted chief executive David Pottruck on its payroll under a $10 million contract that also contains potentially lucrative stock awards.

The San Francisco-based company outlined its arrangement with Pottruck in a quarterly report filed Monday, nearly four months after Schwab's dissatisfied board demanded his resignation.

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Less than two weeks after Pottruck stepped down as CEO, Schwab drew up a new 30-month contract requiring him to perform an unspecified set of duties to be defined by his replacement, company founder Charles Schwab.

The deal included a lump sum payment of $6.2 million and a raise from the $1 million salary that Pottruck received as Schwab's CEO. Effective Oct. 1, the new contract raised Pottruck's monthly salary to $135,714, or $1.63 million annually. The deal runs through January 2007.

Meanwhile, Schwab continues to jettison other employees in a purge that began in 2001. The company ended September with 14,800 employees, down from 26,300 workers at the end of 2000. Schwab expects to eliminate an additional 400 to 500 jobs by year's end.

http://www.sfgate.com/cgi-bin/article.cgi?f=/news/archive/2004/11/08/financial1739EST0320.DTL

Notice this won't even merit a pip from the "welfare people are lazy" types.

n/t

outrageous. And at the same time they are laying off hundreds of "underlings". Bet any one of those underlings does more actual work in a day than Pottruck.

effect that could have had on benefits for people who work there?