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McKesson Corporation (MCK), Zynga Inc (ZNGA): CEOs With the Midas Touch

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Having “the Midas touch” conveys a profitable outcome for just about any business scheme. Many chief executive officers most definitely have that magical touch — but it means they enrich themselves, not the shareholders of the companies they’ve run. According to recent data, lucrative golden parachutes — one of the most galling ways chief executives end up winning no matter what — are alive and well at many major companies.

Many such packages escape investor awareness. For example, have you heard of John Hammergren? He flies under the radar although his pay is over the top. And if he blows that popsicle stand he leads, the cost to shareholders is stunning.

Of course, Hammergren isn’t the only one exemplifying departures that are more sweet than bitter for those on the way out. Bloomberg has highlighted corporate leaders who won’t just make out like bandits if they leave — these individuals could receive nearly a quarter of a billion dollars if they vacate their posts.

McKesson Corporation (NYSE:MCK)

Parting is such sweet sorrow
McKesson Corporation (NYSE:MCK)‘s CEO and Chairman John Hammergren is poised for one heck of a payout upon retirement. Bloomberg’s data puts his potential retirement payout at $303.4 million.

Hammergren’s good fortune isn’t limited to the prospect of a retirement windfall. According to a recent update from corporate governance firm GMI Ratings, every element of his pay enjoyed boosts in 2012. Did he deserve it? Well, when you take into consideration the company’s controversial and costly moments — fines for unsafe drug packaging, legal settlements regarding price fixing, and damages connected to an anesthetic product — well, there’s good reason to question the possibility of golden goodbyes.

GMI Ratings gives McKesson Corporation (NYSE:MCK) an F due to these aspects and more. Meanwhile, unlike the shareholder vote regarding JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon’s dual CEO and chairman roles, last year McKesson Corporation (NYSE:MCK) shareholders gave Hammergren a failing grade on retaining that much power. A narrow majority of shareholders — 52% — voted in favor of separating the roles last year, and that translates into significant disapproval among owners.

The long (lucrative) goodbye
Hammergren may lead McKesson Corporation (NYSE:MCK) in relative obscurity, but his pay over the years has been problematic for those paying attention. In 2011, he was among a handful of CEOs whose pay got called out for defying the laws of gravity — not to mention gravitas.

More recently, a cavalcade of companies doled out rich golden parachutes in 2012. ConocoPhillips (NYSE:COP)‘s James Mulva retired with $156 million, making him the top-paid recipient according to Equilar’s data.

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