The rich get richer: Public utility CEO gets $14.4 million “severance”

Another day in the absurdly unequal American economy, another one percenter (this time, the boss of a regulated “public” utility) getting paid to do nothing. The Charlotte Observer has the latest such story:

“Piedmont Natural Gas Chief Executive Officer Tom Skains will receive nearly $14.4 million in severance pay when Duke Energy completes its purchase of the Charlotte-based gas company.

The $4.9 billion acquisition, which was announced in late October, is expected to close in late 2016. Both Piedmont and Duke have said Skains’ decision to retire was his own.

Skains’ severance package includes over $5 million in cash, $8.6 million of equity and a bonus of $749,297, according to a securities filing this week….

Skains is the only Piedmont executive who has made public his plans to leave the company when the deal closes, making him the only one at this time eligible for the severance benefits.”

Skains’ big score calls to mind the great Calvin Trillin and the poem he authored for The Nation magazine a few years back:

The Best Thing You Can Be Is CEO

The best thing you can be is CEO.
No matter what, you always get your dough.
However many people out of work,
You still get every single little perk.
If fired, you are properly consoled,
By floating ‘neath a parachute of gold.
The best thing you can be is CEO.
No matter what, you always get your dough.

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