On Parachutists: Let Them Eat Necessary Incidentals

by
Abby Zimet

Jack Gibson, the retiring CEO, will be paid $1.3 million for consulting duties in addition to a full slate of retirement benefits.

Despite a Congressional ban on golden parachutes for executives leaving bailed out companies, Jack Gibson, the former CEO of Virginia's Hampton Roads Bankshares ($80.3 million in TARP money) will achieve his "personal
goal of early retirement” with a tidy $1.3 million for "consulting duties" – along with retirement benefits, health insurance, the keys to the company car, country club membership and "any necessary incidentals." That, on the heels of a $1.65 million to the former CEO of a Wisconsin bank ($525 in TARP money) for "services rendered," or agreeing NOT to work for a competitor.


 

 

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