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So, here's something interesting. We've heard of the golden parachutes some ousted executives have, assuring them cushy severance packages to tide them over after the door hits them on the way out. But did you know that part of their exit deal might be a place to hang their proverbial hat? The aptly named "Perks Watch" feature in today's New York Times reports that Richard D. Parsons, who exited his post as Time Warner Inc. (NYSE: TWX) CEO in 2007 and vacated the chairman role last year, still has the benefit of Time-Warner-supplied office space. A $776,000 benefit, to be specific.
Indeed, the entertainment conglomerate is shelling out $776,000 this year for Mr. Parson's office, secretarial service, and furnishings, providing him with a workspace similar to that which became accustomed when leading TWX. Similar examples of this perk have been extended to former executives of Citigroup, Inc. (NYSE: C) and Merrill Lynch.
What, exactly, is Parsons doing in the office? Sifting through documents for his new role, as Chairman of the Citigroup Board of Directors? Downloading the latest My Chemical Romance album? Playing Snood? For more than three-quarters-of-a-million, he must be living large, indeed.
Beth Gaston Moon works for WeSeed.com, "The stock market for the rest of us." The above comments are not intended as trading or investment advice.
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