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About 40 miles north of the Irvine headquarters of In‑N‑Out Burger, the noonday sun makes the gritty industrial landscape of Baldwin Park simmer like a Double-Double fresh off the grill.
Hulking tractor-trailers emblazoned with the fast-food chain’s familiar logo navigate the narrow asphalt arteries of a sprawling warehouse complex that serves as In‑N‑Out’s distribution center, a short distance from the spot where Harry and Esther Snyder opened their long-since-shuttered first stand back in 1948.
A tour bus contingent of Asian visitors, apparently fresh from lunch at an In‑N‑Out on the edge of the complex, is now milling about in front of the In‑N‑Out University training center, snapping photos and perusing the classic car-themed memorabilia in the company gift store.
The visitors’ fascination with a regional hamburger chain is no surprise, considering that over the years, In‑N‑Out—whose freshly-made, premium burgers are famously craved by Hollywood luminaries and rock stars—has become an enduring part of California’s mystique.
The sightseers don’t seem to notice an SUV pulling up. It contains a trim, athletic blonde in a chic black-on-black ensemble accessorized by a stylishly chunky rose-gold Michael Kors wristwatch and a necklace with a glittering Star of David pendant.
She is just 31, but Bloomberg News recently valued the company she controls at $1.1 billion, making her the youngest woman with a 10-digit net worth in America. Forbes estimates her wealth at $500 million. (via Meet Lynsi Snyder, president of In-N-Out)
A new study out today shows how top CEOs are walking away from their jobs with literally hundreds of millions of dollars—even after they do a crummy job. That’s wild. Gary Rivlin writes about the news today:
“You’re fired” can be the sweetest words these days when you’re the CEO of a publicly traded company. Sure, Leo Apotheker must have felt lousy when Hewlett-Packard dumped him as chief executive last September after less than a year on the job. But the sting of humiliation was no doubt softened by a $12 million cash payment the company gave him despite the lousy job he had done.
But now a new study released Wednesday shows that $12 million ain’t nothing in the age of the imperial CEO. GMI, a well-regarded research firm that monitors executive pay, looked at the largest severance packages ex-CEOs have received since the start of 2000.
To earn a spot in the top 20, a CEO would need to have received a golden parachute in excess of $100 million.