When is the right time to call it quits?

26 August 2008

1 minute read

When is the right time to call it quits?

Challenger Financial Service Group has been rocked by the shock exit of chief executive Mike Tilley.

Tilley walked out less than a year after securing a contract extension until 2011 because he and the board decided it was "a good time for him to go". (Sydney Morning Herald)

What do you think of Tilley's timing? Would you be pleased to leave with three years still to run on your contract? Or would a Tilley-type AU$1.75m termination payment help to ease the pain of saying goodbye?

Challenger chairman Peter Polson claims Tilley has lead the firm "through the eye of the storm". But was Tilley pushed after Challenger reported a net loss for 2007/08 of AU$44.2m?

Plan your exit strategy below.

AUTHOReFinancialCareers Australia

Insider Comment

Ne
New boss
29 August 2008
Don't worry, Challenger, I'll take over. I cam do it from 1.75 million for the first year and then we'll see how she goes after that. all you need to do it call.
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Be
BelindaFrommer
29 August 2008
I'd be pleased to leave with three years left if my employer gave me $1.75 million for the pleasure of going...although of course in this case if he was doing a great job then I'm sure the subject of his going wouldn;t even have been raised.
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Ja
Jane
27 August 2008
$1.75 mill is hardly headline grabbing news - just a standard level payment for someone in his job I would have thought??
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Vi
VinceH
27 August 2008
The right time to go is when you have a fat bonus in your pocket - these things are determined by one thing alone....money.
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Ro
Roo
27 August 2008
What rubbish - the right time to call it quits is when you get told to - like Tilley did
Reply