"Very Odd": $5.5 Million An Hour Parachute

by
Abby Zimet

North Carolina officials are investigating what sure looks like a corporate bait-and-switch after Duke Energy Corp, which just finessed an $18 billion deal to create the largest U.S. utility company, saw its new CEO Bill Johnson "resign" one day after he took the job. What they're not investigating: Johnson's $44 million severance package, which works out to $5.5 million an hour (if he slaved away a full eight hours) or 765,000 times the national minimum wage - this, at a time when even so-called normal CEO pay is already 380 times that of the average worker. One observer called the move "very odd." You could call it some other things too.

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