Idioms

golden parachute

Also found in: Dictionary, Legal, Financial, Encyclopedia, Wikipedia.

golden parachute

A large severance package given to an executive who is forced to leave a company due to a corporate merger or takeover. Daniel refused to take the position unless the company added a golden parachute clause to his contract. Upon being forced out of his position, the company's vice president demanded a golden parachute. Naturally, we'll offer golden parachutes to existing C-suite members, and then we'll install our own team after the acquisition is finalized.
See also: golden, parachute
Farlex Dictionary of Idioms. © 2024 Farlex, Inc, all rights reserved.

golden parachute

n. a special kind of severance pay for persons who may be forced to leave a job. (see also golden handcuffs.) If all the golden parachutes were used at the same time, it would bankrupt the company.
See also: golden, parachute
McGraw-Hill's Dictionary of American Slang and Colloquial Expressions Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved.

golden parachute

An employment agreement that gives generous benefits to its high-ranking executives if they are dismissed owing to a company merger or takeover. This term, dating from about 1980, may have been based on the older golden handshake, which offers an employee generous benefits or a bonus in exchange for early retirement. It dates from the mid-1900s, when a dwindling school population prompted many localities to offer such an incentive to teachers. In contrast, golden handcuffs are a financial incentive to keep an employee from leaving a company. Stock options that can be exercised only far in the future are a popular form of golden handcuffs. This term dates from about 1970.
See also: golden, parachute
The Dictionary of Clichés by Christine Ammer Copyright © 2013 by Christine Ammer
See also:
References in periodicals archive
Prior to forming Golden Parachute Tax Solutions, Laurence was a tax manager with a "Big 4" executive compensation/employee benefits tax practice, and thereafter was an executive compensation consultant with James F.
Laurence Wagman, Founding Principal, Golden Parachute Tax Solutions LLC. to Speak at the Knowledge Group's Live Webcast
As for the deductibility of the compensation payments, the court said it depends on whether they are prohibited golden parachute payments.
Corporate acquisition expenses
Some of those being laid off have between $25,000 to $100,000 golden parachute severance pay that they can use to purchase a business.
The economy may be fluctuating, but franchising isn't: favorable conditions now and ahead, reports this financial pro. (Financial)
Well, shareholders must have approved that golden parachute, and a big chunk of their money went out of the value of their stock and into Jill Barad's pocket!"
The value of voting: proxy voting is your chance to have a say in the management of the companies you invest in. (Black Wealth Initiative)
Drabinsky (who is now a wanted felon in the United States for his creative accounting practices with Livent, the theatre company he was given as part of his golden parachute out of Cineplex) and the de-evolution of civil behaviour that leads one young man to stab another for a "dissing" glance, the actual state of movie-going in Toronto has changed very little in the transpiring 22 years.
FROM THE EDITOR
Mr Smith's 'golden parachute' matches a pay-off similar to the one granted to former British Airways chief executive Mr Bob Ayling.
Safeway chief exits with pounds 4m handshake
She touched lightly on various issues and provided detailed explanation of golden parachute payments.
Santa Clara Valley Chapter and Golden Parachutes
or the CEO will be dangling from his golden parachute in short order.
How to survive a new CEO. (In the Trenches)
It seems unlikely that the Mister Rogers act will lessen the sting of unemployment for Mobil workers who have no golden parachute.
The Return of Big Oil
By August 1987, just before he announced his resignation, it was, according to The Arkansas Times, "$22.1 million in the hole" But Bethune was given a golden parachute worth $368,000.
Pill pushers: pharmaceutical companies are emphasizing marketing - and downplaying responsible medicine
Hypothesis 3: Ceteris paribus, the greater a firm's takeover susceptibility (the lower a firm's EXCESS value), the greater the likelihood is that the CEO will have a golden parachute.
Golden parachutes: CEOs and the exercise of social influence
New York, May 26(ANI): A US Congresswoman has reacted angrily to reports that former International Monetary Fund chief Dominique Strauss-Kahn, who is accused of a sex attack on a New York City hotel maid and is currently free on a million dollar cash bail, is set to receive a 250,000 dollar 'golden parachute' severance payment and pension.
US Congresswoman criticizes 250,000 dollar 'golden parachute' for Strauss-Kahn
Copyright © 2003-2025 Farlex, Inc Disclaimer
All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional.