Cendant Corp. chief executive Henry Silverman, who earned $140 million last year, is now running one of the former conglomerate's spun-off units for an annual salary of just $1.

But that doesn't mean he's given up on being handsomely compensated. The 65-year-old received termination benefits worth $62.7 million last month when he completed the spin-off of two of the conglomerate's units: real estate division Realogy Corp. and hotel company Wyndham Worldwide Corp. And when he retires from his job as CEO of Realogy a year and a half from now, he's going to get another payout.

According to data culled from his various employment contracts, Silverman on retirement will get a five-year consulting contract that will pay him $1 million annually for a maximum of 90 days of work a year. He also will receive lifetime health benefits and perks including access to the company's aircraft and a car and driver.

Silverman is no stranger to criticism about his pay. Now, his exit package is raising eyebrows among corporate-governance watchdogs, too.

"This has to be looked at as the last chapter of what's been a very bad book on compensation," said Patrick McGurn of proxy-advisery firm Institutional Shareholder Services.

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