Kasper Rorsted the former chief executive officer of Adidas is set to receive €16mln following his departure in November, according to the company.
Some €12mln will be paid out to the boss in the form of severance pay, as Rorsted’s departure came four years before his contract expired.
The German sportswear brand will also pay out €3.6mln should the Danish national avoid joining any competitors in the next 18 months.
Rorsted will also receive his final two months’ salary for November and December which amounts to around €300k.
The €16mln owed to Rorsted pales in comparison to some of the largest severance packages CEOs have received.
In 2001 Jack Welch, the boss of General Electric (NYSE:GE), was paid more than US$417mln after resigning from the company.
Other enormous pay-outs include former Exxon boss Lee Raymond obtaining US$320mln and ex-Yahoo boss, Marissa Mayer, who received US$260mln in 2017.
Adidas also announced today it would be slashing its dividend by 78% to €0.7 per share following a tough 2022 which saw the company part ways with the scandal-plagued Kanye West.
It was estimated that the ended partnership with the Yeezy creator would cost the company €500mln, but the retailer's share price has reacted positively since, rising more than 40%.