A diamond parachute
Donna Katen-Bahensky, the former CEO at the University Hospitals, did not resign, as the media had reported, but Jean Robillard, Vice President for Medical Affairs, had refused to sign the updated contract. Katen-Bahensky’s base salary was $465,000. The sudden end to the contract kicks in a severance package of $830,000. She took another job as CEO of the University of Wisconsin Hospitals and Clinics where she will end $600,000.
Talk about landing on your feet!
I think it is nice that we take such good care of people who aren’t doing what we need them to do. This way, she will still be able to have a nice Christmas and buy a half dozen BMW’s or something to brighten up her spirits during what must be a very challenging time emotionally.
In unrelated news, Mayor Bloomberg in New York is trying to redefine the outdated poverty standards in New York City. Approximately 600,000 people are in public housing. The current poverty level for a family of four is a little under $21,000.
Katen-Bahensky’s severance package of $830,000 is enough to keep 39 families (156 people, 78 children) above the poverty line for a year. That’s the equivalent of the entire kindergarten, 1st and 2nd grade at our nearby elementary school, plus their parents.