Gary Forsee lost his job as chairman and CEO of Sprint last October, after the company's shareholders and board of directors could no longer stand the endless damage done by the Forsee-engineered merger with Nextel. (Early this year, Sprint had to write off $29 billion, putting it right up there among the largest corporate write-offs in U.S. history.) Forsee's reward for making one of the dumbest corporate decisions ever: a severance package that included $13.5 million for "termination without cause" (after he took home $40 million in 2007) and continued paychecks of $84,325 a month for the rest of his life. All that and a new job as president of the four-campus University of Missouri system, despite his lack of experience in the field of higher education. The MU job pays him a meager $400,000 a year, with as much as $100,000 in annual incentive pay if he stays on the job for three years. Way to go, Gary!
like
dislike
