Let Go

The CEO of my company was let go today. I have seen the same movie in Office Depot before. They laid off 180 employees in 2000 and then the CEO was fired. We laid off 40 employees 2 weeks ago and the CEO resigned today on mutual agreement with the Board.

When a company doesn't perform well, the only one to be blamed is the CEO. There is a reason why CEOs get paid so much more than a normal employee. They're charged to lead the company to success. Most CEOs in the market are mediocre. A lot of times they do not care whether their companies perform well or not, because they get a huge severance package when they fail their jobs. This is called "succeed by failure" in Warren Buffet's term.

In the previous bad channel, Office Depot's CEO got 2 years' salary as compensation package when he left the company. He could play golf everyday and still live like a king.

In today's situation, our company will pay the CEO so much money that the amount will far exceed the total salary expenses of the 40 employees who got pink slips a couple of weeks ago.