Employees have had enough of the "golden parachutes" for failed CEOs.

A group of Hewlett-Packard Co. shareholders are suing the company, alleging its board broke its own rules by awarding more than $42 million in cash, stock and other benefits to Carly Fiorina after she was dumped as CEO last year.The suit threatens to put HP in the uncomfortable position of defending the lucrative package given to Fiorina as its new CEO, Mark Hurd, strives to cut more than 15,000 jobs to help boost the Palo Alto-based company's profits.Fiorina, who was terminated on February 8, 2005, was paid $21.4 million in cash, including a $14 million payment the company described as severance, and $7.4 million as her pro rata share of a three-year incentive program whose conditions she had not yet completed. In addition, she left the company with about $19 million worth of restricted stock and options, according to the suit.Michael Barry, a Wilmington, Del. attorney representing shareholder interests in the case, described Fiorina's severance package as a prime example of corporate America's penchant for overindulging top executives at its owners' expense.Here's the story from MSNBC.And here is the profile of the lead plaintiffs' attorney.

Update: Jottings by an Employer's Lawyer has an entry on the same topic with some links to related information here.

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