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twitterSternlicht irritated by ITT ‘golden bungees’
Thursday, Feb. 12, 1998 | 10:51 a.m.
Starwood Hotels and Resorts Chairman Barry Sternlicht is said to be irritated by the $68 million in sweet financial deals ITT Corp. executives arranged for themselves while negotiating the sale of the company to Starwood.
Shareholders of ITT -- owner of Caesars Palace and the Desert Inn in Las Vegas -- vote on the merger today.
The Wall Street Journal, citing unnamed sources, today reported Sternlicht is obligated to pay severance packages to ITT executives but is seeking to renegotiate them for those executives who are staying on with the company.
It's common for an acquiring company to pay top executives who stay on, but it's rare for those who stay on to also receive cash severance. "Top executives stand to collect both golden parachutes and golden handshakes at the same time," the Journal said.
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