BNET Business Dictionary
Business Definition for: Severance Package
- a package of benefits that an employer gives to an employee who is dismissed.
- U.K. term Redundancy Package
Additional Resources
- Ten Tips for Securing a Fat Severance Package
- The Find: If worse comes to worse and you're facing a lay-off, remember that there are still steps you can take to assure your employer gives you the softest landing possible. The Source: Ten tips on negotiating after a lay-off from Silicon Alley Insider. ...
- Blog posts 2008-12-05
- SBC puts Ameritech buyouts on speed dial; More top-level managers now eligible.(executives have 30-day window to take early retirement with enhanced severance package)(Brief Article)(Statistical Data Included)
- The stream of managers departing Ameritech is likely to accelerate this month as up to 220 high-level executives become eligible for a lucrative severance package. The executives have a 30-day window that opened Oct. 8 -- the first anniversary of The stream...
- Research articles 2000-10-16
- Dow executive gets $5.6 million severance package. (Business: In Brief).(former CEO Michael Parker)(Brief Article)
- Former CEO Michael Parker has left Dow Chemical Company with a severance package of $5.6 million, which includes a ... Former CEO Michael Parker has left Dow Chemical Company with a severance package of $5.6 million, which includes a provision barring any employment during...
- Research articles 2003-03-17
- Xerox to offer technicians severance package.(Doing business in Stamford)(Connecticut)
- Stamford-based Xerox Corp. plans to offer 15,000 service technicians nationwide a voluntary severance package in a program to be completed by June. The technicians represent almost a half of the document company's U.S. work force. In an 8-K filing Stamford-based Xerox Corp. plans...
- Research articles 2005-03-14
- Large severance package for Cardone is unlikely. (former Empire Blue Cross and Blue Shield Chairman Albert Cardone)
- New York State Insurance Commissioner Salvatore Curiale in a written letter strongly urged Empire Blue Cross and Blue Shield not to pay former Chairman Albert Cardone a $2 million severance package. Curiale said that a golden-parachute for Cardone likely New York State Insurance Commissioner Salvatore Curiale in a written letter...
- Research articles 1993-06-21
- NORWAY: BRAATHENS EMPLOYEES PREFER SEVERANCE PACKAGE TO SAS JOB.(Brief Article)(Statistical Data Included)
- SAS has taken over far fewer of the surplus Braathens employees than it had envisaged. The final figures show that 1,020 employees have chosen to accept the offer of a severance package worth between three and 15 months' salary. This is well over twi SAS has...
- Research articles 2002-09-10
- A big help: Eugene McQuade, the FleetBoston executive who became president of Bank of America after the merger, got a $25 million severance package when he left June 30.(Tattle Tales)(Brief Article)
- A big help: Eugene McQuade, the FleetBoston executive who became president of Bank of America after the merger, got a $25 million severance package when he left June 30. About half of it is from his employment contract with BofA--where he worked just A big help:...
- Research articles 2004-07-01
- IDOL SUES FOR $12.2M SEVERANCE PACKAGE.(John Idol; $12.2 million)(Brief Article)
- NEW YORK -- John Idol, the onetime CEO of Donna Karan, has filed suit to collect his $12.2 million severance package from his former employer. Idol, who left the company in July with a mega-payout package, hasn't yet seen a dime,...
- Research articles 2001-12-24
- Macy's severance package. (R.H. Macy and Co. to offer key executives lump-sum severance package in event of dismissal) (Brief Article)
- In effort to provide some security to senior executives, R.H. Macy & Co. is preparing to offer 25 of its key executives an enhanced severance package, it was learned Friday. Under the proposal, Macy's plans to offer the executives a lump-sum...
- Research articles 1992-06-29
- Judge OKs Delta's severance package
- NEW YORK -- A New York bankruptcy judge approved a Delta Air Lines Inc. severance package for directors and officers that is part of a plan to save the carrier $200 million annually. The airline, which filed for bankruptcy protection in September, had asked for court approval to...
- Research articles 2006-02-23
- Edmond, Wash., Hospital CEO to Receive $1.18 Million in Severance Package.
- By Diane Brooks, The Seattle Times Knight Ridder/Tribune Business News Feb. 4--EDMONDS, Wash. -- Stevens Hospital Chief Executive Officer Steve McCary will be paid about $1.18 million over seven years as part of a severance package. McCary, who was...
- Research articles 2004-02-04
- CEP: Domtar Workers Ratify Severance Package, Union Continues Efforts to Save the Mill.
- ST. CATHARINES, ONTARIO, May 21, 2002 Workers at the Domtar St. Catharines specialty papers mill have ratified an enhanced severance package worth up to $8 million. "This package exceeds the provisions in the collective agreement," said Communications, Energy and Paperworkers Union ...
- Research articles 2002-05-21
- Laid Off From Work? Negotiate A Severance Package!
- Being laid off is one of the most life altering events in a person's life. For individual families, especially single parent homes, the move from being employed to being unemployed can, quickly, become the difference between shelter and being homeless. As a productive employee, dedicating loyalty to a company, now...
- White papers 2007-03-05
- Steelworkers negotiate severance package for long-term employees at Central Precision.
- TORONTO, Sep 07, 2000 Since Central Precision, Ltd. (part of Delco Remy International Inc.) announced the closure of its Toronto plant by Oct. 31, 2000, the United Steelworkers' Local 3950 has negotiated a severance package that recognizes the long-term service of the company's 200...
- Research articles 2000-09-07
- Aon adds buyout-triggered severance benefits.(News)(Brief Article)
- Byline: Sally Roberts CHICAGO-Aon Corp. has implemented a new severance package plan for its key executives in the event the Chicago-based brokerage giant is acquired. Aon's board of directors approved the new severance agreements on Jan. 21. T Byline: Sally...
- Research articles 2005-01-31
- Cashless Severance: Here's a Relatively New Way to Pay Off Departing Employees
- Wherever layoffs take place, severance is sure to follow. And, as most senior financial executives know, severance could be a big cash drain for companies at precisely the time they are trying to conserve cash. One should not despair. A new method allows companies to save cash by restructuring the...
- White papers 2001-07-30
- Gormley's severance pay tops $1.8 million. (former Federal-Mogul Corp. CEO Dennis Gormley)
- Former Federal-Mogul Corp. CEO Dennis Gormley found gold in his parachute after all. Gormley was given a severance package worth more than $1.8 million. Company directors gave Wayne Smith, Gormley's heir apparent and a veteran of 26 years with the comFormer Federal-Mogul Corp. CEO Dennis Gormley...
- Research articles 1997-03-24
- Adelphia yanks Rigas severance.(Adelphia Communications, John Rigas)(Brief Article)
- Bankrupt MSO Adelphia Communications Corp. is withholding a $4.2 million severance package awarded earlier this year to former chairman John Rigas, according to people familiar with the situation. Rigas, who stepped down as Adelphia chairman i Bankrupt MSO Adelphia...
- Research articles 2002-09-16
- Two Say Acting Massachusetts Governor Backed Severance for Port Authority Head.
- By Frank Phillips, The Boston Globe Knight Ridder/Tribune Business News Nov. 7--Acting Governor Jane M. Swift has said publicly that she was taken by surprise when she learned of the size of the severance package awarded departing Massachusetts Port Authority executive ...
- Research articles 2001-11-07
- Finkelstein deal up in the air. ($3 million-plus severance deal for former chairman/chief executive officer of R.H. Macy and Company Inc., Edward S. Finkelstein) (Brief Article)
- NEW YORK FNS - The proposed $3 million-plus severance package for Edward S. Finkelstein, former chairman/chief executive officer of R.H. Macy & Co., is the subject of negotiations and could be substantially trimmed, according to sources involved in the talks. Creditors are unhappy...
- Research articles 1992-07-30
