Yet another reason oil prices are so high…

October 11, 2004

In two weeks, Chad Deaton, who’s wrapping things up as CEO at Hanover Compressor (HC), will take over as CEO of oil services and natural gas giant Baker Hughes (BHI). But even though his start date is about 10 weeks before BHI’s 2004 fiscal year ends on Dec. 31, he’ll still receive nearly 75% of the annual bonus detailed in his employment contract. According to the agreement in the 8-K filed last week, Deaton will receive a guaranteed bonus of $600,000 this year, despite being on the job for such a short amount of time. Do the math and that works out to a shocking $60,000 a week.

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