Wednesday, February 04, 2004

Wealthy get paid when they get fired

Title: UNC hospital chief to resign
Source: News and Observer
Date February 3, 2004

From the article
    The state-supported UNC Health Care System, which lost $3.7 million on its hospital business last year, will spend $768,476 to buy out the contract of its second in command.

    On Monday, Eric B. Munson said he will leave his position as president and chief executive of UNC Hospitals at the health system board's request. Under the terms of a 1995 employment agreement, Munson gets a two-year buyout worth at least $384,238 a year and will remain as a senior adviser.
How many non-wealthy people get a deal like this? The board wants to fire Munson, so he gets paid to leave. State taxpayers are the ones who will pay the $768,476.


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