Last Wednesday, on January 4, 2023, the executive career advancement website IvyExec published an article I wrote on “Severance Compensation Package for Director, VP and C-Level Executives”
This new article is designed not only for CEOs, COOs, CSOs, CTOs and other C-suite and senior executives in technology and life sciences, and also for other senior executives, and in other areas of the economy as well, but even for many VPs, directors and mid-level executives, who at one or more points in your career may face employment termination.
Termination often comes as result of a change in ownership, control or top management that wants to clean house and bring in their own team, regardless of your success and past contributions. In that case you might be called in and told “we’ve decided to go in a new direction…” classic code for your job is toast. Other times a series of changes occur that make it hard for you to continue.
In my new article, I address the following questions:
- Why do you need to have a severance package in your executive job offer?
- When can you later negotiate a severance agreement or package that you could not obtain in your job offer when you joined the company?
- What is a typical monetary executive severance package for VPs, directors, CEOs, CMOs and other C-level executives?
- What other non-monetary separation terms should you seek?
My discussion of monetary terms includes not only cash salary and bonus but key equity terms as well, so that a negotiated severance package, regardless of the timing and circumstances, is designed to make you whole for what you are losing with employment termination.
To see my full IvyExec career advancement website article, go to LINK: https://www.ivyexec.com/career-advice/2023/severance-compensation-package-for-executives/
IvyExec hosts articles and webinars from experts in the career, leadership, and business spaces who wish to share their knowledge with our audience. In April 2021, I was invited to write for IvyExec since it seeks original content on the topics of career development, leadership, and business strategy as it applies to senior-level and C-Suite professionals. IvyExec blog posts and webinars are shared with its community of more than 2 million members on its website, in its newsletter, and on its social media channels. https://www.ivyexec.com/career-advice/write-for-us/
IvyExec claims a “Community of 2.5M+ Leaders”. See also – https://www.ivyexec.com/
It is my hope that this article will be helpful to CEOs, CMOs, CSOs, CTOs and other C-suite and senior executives in technology and life sciences, who are being recruited and have now, or anticipate soon receiving, an attractive offer to move on, yet are also critical to their current company, where the current company might provide a significant retention package for the executive to stay. If you or any colleague of yours has a need in this area, please do reach out to me at email@example.com.