The article about golden parachutes for school superintendents appeared in Education Week. At first, however, it seemed I was reading another article about contract buyouts for corporate CEOs in The Wall Street Journal.
We have grown accustomed to seeing headlines about corporate executives who are sent packing with generous severance packages. Remember Harry Killinger, former head of Washington Mutual? After the biggest failure in US banking history at that time, he left with $44 million. And then there’s Stan O’Neal, who left Merrill Lynch after 21 years with a $165 million severance package, even as the company posted $8 billion in losses.
The dollar figures may seem pale by comparison, but some public school superintendents are leaving their jobs with hefty contract buyouts, according to Education Week. Recently, Philadelphia school chief Arlene Ackerman received a $900,000 buyout to leave her position. That doesn’t include an additional $86,000 she received for unusual vacation and sick time.