Plenty to brag(g) about…
Last week, Pride International (PDE) announced that the board had sent CEO and President Paul Bragg packing at the Houston-based oil services company. Most executives — given how infrequently boards give them the boot — would probably slink away.
But given Bragg’s generous parachute of nearly $8 million, which the company detailed in an 8-K filed yesterday, Bragg isn’t likely to spend a lot of time hanging his head and questioning what went wrong. The deal works out to around 10 times his salary of $750K. Still, the generous deal certainly begs the question: if someone who was essentially fired gets $8 million, what would someone who’s doing a good job wind up with?