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Article: CEO's payment package is a Household shame.(Opinion)(William F. Aldinger to receive compensation following acquisition of Hosehold International Inc. by HSBC Holdings PLC)(Editorial)
- Article from:
- Crain's Chicago Business
- Article date:
- January 6, 2003
CopyrightCOPYRIGHT 2003 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CEO voraciousness: There's no end in sight.
Household International Inc. CEO William F. Aldinger-who this fall engineered the sale of the consumer lender for a bargain-basement $30 a share after settling predatory lending charges-is about to enjoy a double payday, provided his company's acquisition by London's HSBC Holdings plc goes through as planned.
Not only will Mr. Aldinger land a promotion and bonus when he steps up to run North American operations for Household's new parent, he'll also qualify for severance payments which, based on his 2001 compensation, could run as much as $12 million.
Maybe that kind of package could be justified if ...