Some guys have all the luck. Rocky Mountain News says that Nacchio is still being paid $125,000 a month in consulting fees – a payout that won’t end until next month!
Denver Post adds, “Denver-based Qwest paid departing CEO Joe Nacchio $15 million in severance and consulting fees despite the destruction of billions of dollars of shareholder wealth under his watch. He also received 10 years of free long-distance and phone service.” Who says crime doesn’t pay? “In corporate America you win if you win, and you win if you lose,” Roy Weitz, publisher of FundAlarm.com, a website that chronicles the fund industry’s shortcomings, told The Denver Post.