A lot of people failed to notice the going on at Target north of the border. Target has announced that it is closing all 133 Canadian stores which will result in over 17,000 people losing their jobs.
With this announcement they also announced a package that will be give each worker 16 weeks of pay at a tab of around 56 million dollars to the company.
Now on the surface this looks OK, company not doing so well in a region so they decide to shut down and attempt to take care of the workers. What most people don't know or remember is the fact that last year when they got rid of the CEO Gregg Steinhafel for his nonperformance he was rewarded with a package that was north of 61 million dollars including over 15 million in severance pay.
I understand that big companies sign contracts that include a golden parachute in most cases. But this time its completely outrageous, since Steinhafel's piss poor performance is one of the things that led up to the Canadian stores closing.
I can't think of any worse example of CEO and board abuse since GM, or what is going on at JC Penney. I wonder what the stock holders think?