For a section 16 officer to be able to negotiate an "out clause" based on the CEO's employment status is totally unheard of. Fiserv Director's will receive several "no votes" on say on pay at proxy time. The Fiserv lawyer and the CHRO who agreed to this must be also be on eggshells.
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@ag you’re right. We’re not all executives here. you learn something new everyday. Here’s what came up on Gemini ….So the clause itself is a fairly routine piece of executive contract boilerplate; what’s newsworthy here is how quickly it got triggered — a new CEO in mid-June and Suryadevara invoking it barely three weeks later, right as speculation swirled about Fiserv possibly selling one of its debit networks. According to news outlets she remains in non executive role to allow for transitions. I should get some transition lessons from her. Dhivya are you on MasterClass by any chance bc I’d like to sign up?
https://www.housingwire.com/articles/fiserv-president-resigns/
@OP That clause has and will be used by many. It is NOT unheard of. You are just ill informed.
@a9 Yep, good for her. But from the company perspective it is an another huge misstep. And hardworking associates didn’t even get a cost of living raise.
She is smart. Always protect yourself.
There’s never going to be accountability at the top levels , there never has been. It all piles up on the regular employees below. Sh-t rolls downhill, and executives live at the top of the mountain.