Friday, June 16, 2006

McGavick, Locke and the golden parachute

David's question this afternoon about whether Safeco Shareholders are pissed about Mike(!) McGavick's Golden Parachute reminded me of something that I noticed a couple of weeks ago. Gary Locke, our former Democratic governor... (you remember him, right?) has been on the Safeco board of directors since early 2005:
Safeco's board of directors has appointed former Washington State Governor Gary Locke as director, effective immediately. Gov. Locke will be included with the class of directors standing for election at the company's annual shareholders meeting on May 4, 2005.


"We are delighted to welcome Governor Locke to the Safeco board," said Mike McGavick, Safeco chairman and CEO. "The governor's long-standing reputation for thoughtfulness and leadership will serve the board and our company well as we work to take Safeco to an even greater level of success."

"It's an honor to join the board of one of the nation's leading property and casualty insurance companies, headquartered in Washington," said Gov. Locke. "I'm proud to be associated with Safeco's history of service and community involvement as well as its strong commitment to diversity."

So, was Locke in on the decision to give McGavick his golden 'chute? Did he care? What does he think of it?

1 comment:

Anonymous said...

Governor Locke works at the law firm of Davis Wright Tremaine in downtown Seattle. His e-mail address can be found at

You wanna e-mail him with that question and see if you can get a response? I think it's a valid question.