The merge, expected in the first half of 2010, between two of the biggest power-tool makers, Black and Decker and Stanley Works, is not only in favor of the stakeholders and the two companies themselves, also former Black and Decker boss Nolan D. Archibald profits from the situation. Archibald, 66 years old, is stepping aside as president and chief executive and therefore receives a severance payment of $20.5 million. The Black and Decker board said this golden parachute was “appropriate” but Archibald turned it down. Don’t worry, Archibald will not have to struggle through life the next decades, he is staying on as executive chairman of the board of directors and will earn around $7 million during the next three years, on top of Black and Decker stock options worth an estimated $45 million and a pension worth $50 million. The fact he turns his severance payment down is understandable but nevertheless astonishing.
Nathan
Washingtonpost
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