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golden parachute

noun

: a generous severance agreement for a corporate executive in the event of a sudden dismissal (as because of a merger)

Did you know?

The Gilded History of Golden Parachute

In 1981 an employee of a major company undergoing a corporate merger referred cynically to the huge severance packages given ejected executives as "golden parachutes." It isn't clear whether the employee actually coined the term, but it is well documented that both "golden" and "parachute" were already part of corporate parlance by that time. Since the 1960s, the business world had been using "golden handshake" for a compensatory package accompanying a termination or forced retirement. The image of the parachute, evoking a comfortable and painless landing, may have been inspired by the popular book about career change by Richard Bolles, titled What Color Is Your Parachute?

Example Sentences

Recent Examples on the Web His eccentricities, including a party-all-the-time, spend-spend-spend ethos, played no small role in his downfall, though a golden parachute of $1.7 billion certainly helped cushion the landing. Shirley Halperin, Variety, 28 July 2022 Neumann had pursued unsustainable expansion plans, keeping the company afloat with capital infusions from hoodwinked investors, and he was ousted as C.E.O., albeit with a golden parachute worth more than a billion dollars. The New Yorker, 28 Mar. 2022 Muilenburg received a golden parachute of $60 million when he was fired in December 2019. Lisa Kennedy, Variety, 26 Jan. 2022 Additionally, Allbirds is not required to hold a stockholder advisory vote on executive compensation or previously unapproved golden parachute payments. David Trainer, Forbes, 5 Oct. 2021 Bresch, the daughter of West Virginia’s Democratic Senator Joe Manchin, reportedly received a $30 million golden parachute. Matt Wall, Fox News, 12 July 2021 The documentary spends a lot of time on Adam Neumann, who ended up with a $1.7 billion golden parachute. Fortune, 8 Apr. 2021 The golden parachute accounted for more than half of the $11.3 million in total compensation five USAA insurance companies paid him last year. Patrick Danner, San Antonio Express-News, 5 Mar. 2021 Presidents didn’t always leave office with a golden parachute. Tribune News Service, oregonlive, 15 Jan. 2021 See More

Word History

First Known Use

1981, in the meaning defined above

Time Traveler
The first known use of golden parachute was in 1981

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