10 executive contracts with perks and quirks

Published on .

David Pecker

Chairman-president-CEO, American Media

Staying: Salary of $1.5 million; "one-time transaction bonus" of $1.6 million; "discretionary bonus" up to $250,000. Pecker's wife gets 17 free roundtrip tickets a year between New York and Florida.

Sean Orr

Ex-exec VP/chief financial officer, Interpublic Group of Cos.

Going: Lump sum of $1.4 million and up to $150,000 for outplacement services and legal fees. Starting at age 60, Orr gets $300,000 a year for 15 years.

James Kilts

Chairman-CEO, Gillette Co.

Staying: Salary of $1.35 million; performance bonus up to two times salary; options to buy 1 million shares. Other perks last year: $130,759 for housing and $21,287 for use of a company plane.

Jack Griffin

President, Magazine Group, Meredith Corp.

Starting: Salary of $500,000; bonus of $300,000; signing bonus of $175,000; "annual stay bonus" of $75,000. Meredith agreed to pay up to $30,000 in closing costs for refinancing houses in Connecticut and Massachusetts.

Mel Karmazin

President-chief operating officer, Viacom

Staying: Salary of $1 million; deferred pay of $3 million; 2003 target bonus of $6.7 million. And no Mel-all, tell-alls: "You shall not prepare. . . any books, articles, television or motion picture productions" concerning Viacom.

Daniel Palumbo

Senior VP-chief marketing officer, Coca-Cola Co.

Starting: Salary of $550,000; signing bonus of $200,000; incentive award guaranteed at 90% of 2003 salary; long-term incentive bonus target of $429,000; stock options; country club dues and first-class business travel.

Adrienne Fontanella

Ex-president, Girls/Barbie division, Mattel

Going: Lump sum of $6.5 million; company-paid $1 million to cover final payments related to $3 million in "retention loans." Gets to buy company car for $100.

William Gorog

Chairman-CEO, Roxio

Starting: Salary of $625,000. Up to $20,000 a year for airline clubs and professional organizations "including, without limitation, the Young Presidents Organization."

Michael Capellas

Ex-president, Hewlett-Packard Co.; chairman-CEO, WorldCom

Going: HP severance of $14.4 million; $9.5 million for taxes; incentive bonus of $1.9 million. Starting: WorldCom contract of $1.5 million; guaranteed 2003 bonus of $1.5 million; signing bonus of $2 million; $12 million in stock.

Douglas McCorkindale

Chairman-president-CEO, Gannett Co.

Going (when he retires): He'll get to use Gannett aircraft "at the then-incremental hourly rate and at times not inconveniencing Gannett." Best perk, of course: lifetime membership, paid for by Gannett, at the Robert Trent Jones Golf Club.

Source: Company filings

Most Popular
In this article: