Oh brother!

September 8, 2004

What’s even better than a CEO helping their brother to get a good-paying job at the company that he runs? Making sure their brother is well compensated when he leaves that job! That’s exactly what happened at instant lottery company Scientific Games (SGMS). According to their recent proxy, the brother of Chairman, President and CEO Lorne Weil walked away with an impressive array of parting gifts when he left the company in July. Richard Weil, who as vice president for International Business Development, made $273,000 during fiscal 2003. But his parting package was worth more than 10 times his salary: $498,100 in severance, $1.7 million under the senior executive retirement plan, full vesting of over 200,000 stock options, and health/dental insurance for the next three years.

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