Safeco plans to lay off or reassign at least 240 employees as part of a restructuring program meant to cut $75 million from the company’s annual expenses by the end of 2006.
Most of those employees will lose their jobs, spokesman Paul Hollie said. The nationwide cuts are across all departments and affect about 80 employees in the Puget Sound area, he said.
Hmm. Let’s see now. Safeco plans to lay off about 240 employees to save about $75 million annually. That’s a savings of about $312,500 per employee.
And yet, Safeco’s board renegotiated Mike?™ McGavick’s exit package — after he’d already announced his resignation — to give him a $28 million golden parachute.
How much is $28 million really worth to Safeco? Well apparently, that’s about equal to 90 jobs that otherwise wouldn’t have to be cut. Or to put it into starker perspective, the $2 million of McGavick’s “own money” that he’s already put into his campaign might have saved at least 6 Safeco employees their livelihood.
I’m just saying.