Had a CISO leave for "personal" reasons. Talked to him a couple years later and yeah, he was fired.
Steal 20$ out of a cash register and make the local news. Waste a billion dollars at a corp and make insane decisions and ride out on a golden parachute. Its a fucked up world.
But moreover: I guess there's a presumption, whether fair or not, that well-paid executives overseen by wealthy boards of directors are pre-vetted and act in good faith, whether or not those actions pan out and make money; versus robbery or violent crime that people recoil from, that assumption of good faith isn't there, because it's self-evident to ordinary people that there is no justification for such actions.
https://de.wikipedia.org/wiki/Fall_Emmely
Got fired because she redeemed two orphaned bottle deposit slips worth 1,30€ (in 2009, so more like 1,50€ in today's money /s). Caused a nation-wide discussion.
https://www.asahi.com/sp/ajw/articles/15148829
School principal fired and loses $130k pension for overfilling coffee (about 50 cents).
I think if we are just looking at the media:
Most journalists wouldn't consider some nobody stealing $20 to be newsworthy in itself.
Most corporate scandals receive extensive media coverage. Even a CEO who was merely incompetent instead of corrupt, is still likely to get some bad press.
Now, you are completely right that the non-media consequences are very different – significant chance of criminal record (although in many jurisdictions, there are mechanisms which first-time offenders on minor charges can use to escape getting one) vs a multi-million dollar severance payment.
The issue with "golden parachutes" – if someone's employment contract creates an entitlement to a severance payment (and in some jurisdictions employment law creates one even if the contract itself doesn't) – then you generally have to pay them unless you terminate for "misconduct" (often even "serious misconduct"). The problem with terminating for "misconduct", is it creates a big incentive for the terminated employee to sue to try to get the severance payment they'd otherwise receive, and the larger the payment, the bigger the motivation – which creates an expensive legal and PR headache. The PR issue is especially acute for senior executives–a junior employee suing over a severance dispute will get a lot less media coverage than a former CEO doing it. So, unless the conduct was extremely egregious, there is a strong incentive for the employer/board to just pay the severance out and make the legal and PR headache go away.
Yes. There is far too little truth and justice in this world, most especially for corporate executives.
> I'd rather keep the money, personally.
Of course, me too buddy, me too. But some things are more important, don't you think? It would be a much much better world if the wealthy and powerful had to think carefully before acting. Think carefully before that action of misconduct. Bear the responsibility for their actions. Be afraid of the consequences.
Yes, as a warning to the other executives.
Signed,
The Shareholders
Imagine if investors actually thought the personnel change was a positive one…
So all the people companies are better off, not just you and other shareholders.
You know, the opposite of two-tier justice system.
Getting pushed out of a position is very career damaging at the executive level. Those golden parachutes are pretty rare, too. Most of the executives I know from companies you haven't heard of (and some that you maybe have) who were pushed out took a huge hit to their careers after that. The best play is to start calling up executive recruiters and try to get any job as soon as possible once the writing is on the wall that you're being fired.
And come on, stealing $20 doesn't register these days.
and come on, you know exactly what is meant here. An individual steals something, they get punished. Executives of the largest banks create a scheme that ultimately crashes the world economy and nobody goes to jail. Quibbling on the example's use of $20 is just strange