Does Wolfowitz have a Golden Parachute?

[ratatoskK]

Prodded by this story today in the NY Times

Embattled World Bank President Paul Wolfowitz is negotiating an agreement to resign, according to an official familiar with the talks.

His departure would include an acknowledgment from the bank that he doesn’t bear sole responsibility for the controversy surrounding a generous pay package for his girlfriend, the official said.

I’ve been wondering for the past couple of weeks why the guy doesn’t just quit, since it’s obvious that the Bank hates his guts and will get him out of there one way or another.

Theory A) It’s just piggishness

Theory B) He has a contract that includes a major golden parachute (big bucks for severance pay) that would not pay him if he quits.

Probably nobody here has the answer to this, but just in case… What are the terms of Wolfie’s employment contract with the World Bank? Does quitting vs. being fired affect his payout?

[ratatoskK]

The summary on the NY Times home page now says:

Paul D. Wolfowitz wants the World Bank to drop or soften a charge of misconduct in exchange for his resignation as president, officials said.

So maybe at this point in time, he’s desperate to not br branded with “misconduct” so he can get his payout? But why didn’t he just quit a week or two ago before they issued their official report? And yes, I’d still like to know exactly what’s in his employment contract.

[A.R.Cane]

I don’t know about his possible severance package, but I’m sure there is one and, while it may sound generous, it can’t compensate (in his mind) for the stigma attached to his firing/forced resignation, whichever you prefer.
He’s obviously driven by ego and arrogance, a not uncommon combination in people who attain positions of power.

[Boyo_Jim]

Yes, he has a severance deal.

Under a contract he signed in June 2005 when he became World Bank president, Wolfowitz would receive a year’s salary, or around $375,000, if his service were terminated by the board or if he resigned.

[ratatoskK]

That’s interesting, although the article didn’t go into any more detail about it. I wonder what the fine print says about misconduct, etc.?

[FRDE]

Much as I dislike the guy, it does look as if he has been ‘stitched up’ by the ‘ethics’ committee.

If his version is half true then he should be sacked for being an idiot

• but there is something odd going on there

She looks like a dog, but maybe she is good in bed - or has good contacts

• in his case I would walk away (and plan personal vengeance)
  This smells like a blackmail plot that has gone wrong.

[carnivorousplant]

@FRDE

She looks like a dog,

And he is no Adonis.

[Ravenman]

According to this news article, the contract he signed in 2005 guarantees him one year’s salary ($375,000) if he is fired or resigns.

[CookingWithGas]

I think he plans to become CEO of Home Depot and then resign from there next.