A form 8-K the company filed with the U.S. Securities and Exchange Commission today notes that Bartz was “removed from her role” as CEO, and will receive severance benefits “for termination without cause.”
According to some number crunching by CNN, that includes $3 million in cash, as well as a pro-rated yearly bonus worth somewhere between $1 million to $2 million. Add in company stock and you get an extra $5.2 million, a payout figure the company floated in December of last year, which is now higher.
We reward failure—even spectacular failure—in this country. But only if you’re the person at the top.