Why work?

April 5, 2005

If you could make, say, $550K a year while sitting around on something called administrative leave, how hard would you beat the pavement to find that next job? Probably not all that hard. That’s exactly the situation at Oregon Steel Mills (OS) where ex-CEO Joe Corvin has been on an investor-paid leave since the summer of 2003 when he resigned. Under the agreement, the company said it would pay Corvin $550K a year for nearly three years, unless he found another job. That’s $50K more than current CEO James Declusin made last year, according to the proxy, making Corvin the highest paid employee. Or non-employee. Not so surprisingly, the former CEO hasn’t found another job yet. But Corvin, who left the company for the oft-cited other interests, probably should at least begin thinking about updating his resume because he only has another year of leave left. The administrative leave is set to run out on April 6, 2006. After that, the company will cut him off (or give him a fat consulting contract). So here’s to another year of doing nothing!

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