It pays to get out of business with Ron Perelman.
John Farrand, former CEO and president of Panavision – which Perelman chairs – took home a whopping $3 million in severance pay when he resigned last year, according to data the company released this week.
Experts say that sum’s pretty puffed up given that under the exec’s control, Panavision’s stock was booted from the New York Stock Exchange and now trades on the low- rent Nasdaq Bulletin Board.
Farrand joins a long list of former friends and coworkers who’ve gobbled up hunks of the Revlon exec’s estimated $3.5 billion pie.
Panavision, which makes camera equipment used in major TV and film productions, was once a top stock that traded in the $30s. But today it only trades at $3.75.
As of last month, Farrand still owned 33,412 shares of the company’s stock. The $3 million in severance is to be paid out over two years.
Perelman, no stranger to revolving door management, is on his fourth CEO in just five years at his struggling Revlon empire. And he’s spent millions hiring and firing executives at his various holdings over the years.