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CEOs who still cashed in despite their business collapsing

A pile of dollars

Many people would presume that when a company goes bust, its CEO takes the wrap and loses a large chunk of their massive salary.

However, some manage to cash in even when the company start to lose vast sums of money.

It certainly wasn't the case for these CEOs and top staff.


Here are five CEOs who made money from their failing businesses.


Citigroup, which was once the world's biggest bank, lost a colossal $27 billion in 2008.

It was given $45 billion in funds from the US government to survive.

However, the bank still managed to find $5.3 billion that year to pay its top workers bonuses.

738 staff members got more than $1 million each.

American Express

Kenneth Chenault, the CEO of Amex, pulled in a pay package of $16.8 million in 2009.

This included a cash bonus of $5 million.

In the same year, the firm made over 4,000 staff members redundant and obtained a $3.4 billion government bailout.


Kodak published losses of $300 million in 2012 after filing for bankruptcy.

Despite the terrible performance, its CEO, Antonio Perez, got $3.3 million in salary and bonuses.

Rite Aid

The shareholders of Rite Aid faked a revolt in 2018 when it was discovered that John Standley, CEO, was to receive a significant pay rise and a $3 million bonus.

However, 84 percent of the shareholders voted against the executive pay package.

This move boosted the chain's share price.

Due to this, Standley decided to step down from the role.

Rite Aid had an dreadful year as its share price plunged, and the company found itself at high risk of bankruptcy.

Thomas Cook

Thomas Cook was a UK travel agent underperforming for nearly a decade before its collapse in September.

However, the top executives managed to get millions of dollars in bonuses, which disappointed staff made redundant, and ex-customers insisted they pay back.

In October, Peter Fankhauser, the chief executive, was questioned over his £500,000 bonus by MPs, to which he responded that he hadn't got a bonus last year.

The company collapsing led to 9,000 job losses and left 150,000 holiday-makers abandoned at their destinations.

It cost £100 million ($129m) of taxpayers' money to bring them back.

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