corporate board

It's not unusual for a departing chief exec to maintain some involvement with the corporation he or she led, usually by holding onto or taking a position on the company's board of directors. That can be a bad idea. Consider GM's Ed Whitacre.

Sitting on a corporate board of directors has always been great work if you can get it, especially if it's with a company that's generous with board member compensation. These days, directors are feeling the heat to get some real work done.