Word: wendt
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Dates: during 2000-2009
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These issues came into focus for me as I marveled at the extraordinary pay package unveiled last week for former GE executive Gary Wendt, the new boss at Conseco, whose high-profile divorce in 1997 became a test for the worth of a dutiful corporate wife. Some would say the position pays quite well, thank you. Lorna Wendt got $20 million in parting. Yet that's barely 15% of her estimate of her husband's net worth at the time. She has appealed and seeks an additional $35 million...
...that sounds greedy, consider her husband's five-year deal to serve as CEO of this beleaguered insurance company. Wendt landed a $45 million signing bonus and a guaranteed bonus of up to $50 million in two years--although he did forfeit some GE incentive money. He will also be getting stock, stock options and, oh yeah, a salary of many millions more. His ex will get none of it. As noted, Lorna Wendt won't go begging. But the man she spent 32 years with is now, just a few years removed, infinitely more wealthy than...