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No gold watch here…

Remember when someone would retire and get the proverbial gold watch? Not anymore. When CR Bard’s (BCR) former Chairman and CEO, William Longfield, stepped down in August, he was able to pay $1 for his company owned car. But that’s really just the frosting on the cake: Longfield, who is 65 and remains on the board of directors, will continue to collect more than $1 million a year indefinitely from the company until both he and his wife die. He’ll also get office space, office equipment and secretarial help for as long as he requests it, up to 100 hours of use of company aircraft for the next 5 years. And the company will continue to pay for Longfield’s membership at two country clubs for the next 5 years and eventually transfer one of those memberships to him. There’s also stepped up vesting of stock options worth $26.5 million and a long-term incentive payout worth $13.7 million, according to the proxy and additional stock option grants now that Longfield is a non-employee member of the board. The only real consolation prize for investors is that shareholders have also done well with Bard stock over the past few years. But it still seems more than a tad bit excessive.