A golden parachute is a contractual agreement between a company and an employee (usually an upper executive) specifying that the employee will receive certain significant benefits if the employee is terminated.
What’s different about the golden parachute handed to Yang? It didn’t come from anyone at Yahoo. Nope, it was actually handed to him by Google co-founder Sergey Brin (the one who thought BrinRank sounded so much better).
According to the BBC…
Asked whether Google would ever consider employing Yahoo’s Chief Executive Jerry Yang if he lost his job he said: “Jerry is very talented and if he wants to work at Google we’d be very excited to have him, but I don’t think that’s going to happen.”
Whoa! Of course, it would be the web equivalent of Coach K getting fired by Duke, then becoming Roy Williams’ assistant at UNC, but what a safety-net!