How Did This CEO Make $1.8 Million For a Job He Never Started?
2015.06.24
This sounds like a dream not-a-job role, because an Italian business executive just got paid over $1.8 million for a job he never even started. He was set up with an offer deal with a cosmetics company, and would be paid whether he takes the job or not.
What a sweet deal, right? Coty Inc, the global beauty products manufacturer behind Davidoff, Marc Jacobs, Calvin Klein, Adidas and more has been looking for a CEO since their previous chief, Michele Scannavini, left the company.
In April, they offered Elio Leoni Sceti, the former CEO of Iglo Foods and the parent company behind Bird's Eye brand to be their new head.. He signed an employment agreement which included a severance payment of one year's salary if he left.
Sceti was to begin work officially next week, but he suddenly decided not to take on the job. There was no reason as to why he declined the job after that.
Still, as per the contract, Sceti will be paid $1.8 million in severance as well as $55,000 to buy back the preferred stock he purchased.
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