Didn't they craft themselves a nice golden parachute if fired? Then proceeded to kick off events that would guarantee their dismissal?

That's less fiduciary duty and more hacking a payday.

▲

throw0101a 6 hours ago | parent | next [-]

> That's less fiduciary duty and more hacking a payday.

A large golden parachute for firing a board member could be a disincentive mechanism to do it: a 'poison pill' of a kind.

* https://en.wikipedia.org/wiki/Shareholder_rights_plan

They could have felt they were doing the right thing, and making a public statement of the situation, but knew it was a bit of a kamikaze tactic and so made it more painful for when the eventual backlash occurs.

▲

fwipsy 5 hours ago | parent | next [-]

Regardless of intent, if true (haven't verified myself) it seems like a hell of a perverse incentive.

	▲	throw0101a 2 hours ago \| parent [-]
		IMHO so it tying CEO pay to stock price. Unless the options/cash-out is delayed for 5+ years after they leave the position, they can 'juke the stats' in the short-term while leaving the company in a bad place long-term (obligatory Boeing-being-run-by-MBAs reference).

▲

awb an hour ago | parent | prev [-]

If it was a poison pill then why make the severance $8M instead of the majority (or all) of the value of the company?

▲

collingreen 6 hours ago | parent | prev [-]

Getting out of a toxic job while failing up. Business can be strange sometimes.