golden parachute
noun
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The Gilded History of Golden Parachute
In 1981 an employee of a major company undergoing a corporate merger referred cynically to the huge severance packages given ejected executives as "golden parachutes." It isn't clear whether the employee actually coined the term, but it is well documented that both "golden" and "parachute" were already part of corporate parlance by that time. Since the 1960s, the business world had been using "golden handshake" for a compensatory package accompanying a termination or forced retirement. The image of the parachute, evoking a comfortable and painless landing, may have been inspired by the popular book about career change by Richard Bolles, titled What Color Is Your Parachute?
Examples of golden parachute in a Sentence
Alexander Coolidge, The Enquirer, 5 Sep. 2024
And with former Viacom International chief Bakish counting his golden parachute severance pay, there is no one (and no reason) to protect any underperforming overseas businesses.
—Tony Maglio, IndieWire, 12 June 2024
During Paramount’s 44-minute shareholder meeting, several investor proposals, including measures to provide clarity on the use of artificial intelligence and restrictions on golden parachutes for key executives, were rejected.
—Meg James, Los Angeles Times, 4 June 2024
Just before Thanksgiving, before the Zaslav meeting, before any rumors of a Skydance dance, Paramount stock rallied thanks to a golden parachute.
—Alex Weprin, The Hollywood Reporter, 4 Jan. 2024
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Cite this Entry
“Golden parachute.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/golden%20parachute. Accessed 29 Nov. 2024.
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