Until very recently, four top executives at Macerich Co. faced getting paid almost nothing if the firm were to be sold and they lost their jobs as a result. Now they’re eligible for more than $32 million.
The shopping-mall operator said in its quarterly filing on Nov. 3
that it had adopted a cash-severance plan, ensuring that senior
executives would get nice checks if they leave or are terminated within
two years of a change in control. Such a move could signal a company is
gearing up for a sale.. . . more