Alessandro Profumo was a chief executive of Unicredit in Italy. He has helped to transform Unicredit from a small lender into an international powerhouse. But when he was pushed away from his job, he received a golden parachute of €40 million. This kind of bonus isn’t quite normal of can it even be tolerated ?
You can’t blame only Mr. Profumo for this offence, after all , the board approved to give such a major handout. The board of Unicredit has to justify why they gave Mr. Profuma that amount of money. They came up with 3 arguments. First, Mr. Profumo earned it for all his imput. Second, Mr. Profumo had a contract that untitled him to three years pay. The last argument, The chief executive before Mr. Profumo received a golden parachute of €30 million ( Mr. Profumo has to do better , what had you expect?).
But there can not be a justification for such a bonus. As an investor in Unicredit you must put a lot of money in this company and have al lot of patience if you ever want to receive this kind of money ( I think it is impossible). The board and chief executives should consider if the money is all worth it ( even unnecessary layoffs )?
Bram T'Hooft
(http://www.ft.com/cms/s/0/b06c0df6-e05e-11df-99a3-00144feabdc0.html)
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