generous payment for departing senior executive a sum of money given to a senior executive on his or her involuntary departure from an employing organization as a form of severance pay. A golden handshake can be offered when an executive is required to leave before the expiration of his or her contract, for example, because of a merger or corporate restructuring. It is intended as compensation for loss of office. It can be a very large sum of money, but often it is not related to the perceived performance of the executive concerned.informal
Related definitions of "golden goodbye"
- Also called golden handshake