The rewards of failure

The fatcat bosses can't lose.  It's heads they win, tails they win.  The Independent reports on a blatant case:

The former chief executive of Thomas Cook received £1.17 million from the company after he resigned, despite the group's deteriorating performance under his watch.

The holiday giant's annual report revealed Manny Fontenla-Novoa received the payout on top of the £1.19 million earned in his last year of employment until he resigned in August following a string of profit warnings.

The £1.17 million payment consisted of salary, pension allowance and benefits, and was owed to Mr Fontenla-Novoa in accordance to his contract terms.

After Mr Fontenla-Novoa resigned, Thomas Cook fell on even harder times, culminating in a cry for help to its lenders and a decision to axe some 200 shops and cut hundreds of jobs as it moves to save the business.

I rather doubt if the poor sods working in the shops were remunerated as lavishly ...