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You make a good point -- it seems that Webvan is not long for this world, so unless there is some kind of trust fund set up for Shaheen, his payments might not be the windfall they appear to be at first glance.
Golden parachutes are nothing new -- I've worked at a company where a CEO with less than a year's tenure got a multimillion-dollar severance. The thing that is bothering people, IMHO, is the "for life" part. It just seems gratuitous. If the payment were calculated as a lump sum (say, $4 million, his old yearly salary at Andersen), Shaheen could make just as much or more by investing that wisely as he ever will from this deal, and there would be a lot less backlash.
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