An extremely lucrative severance package that is guaranteed to a firm's senior managers in the event that the firm is taken over and the managers are let go is called a:

A golden parachute.

Explanation:

A very large financial compensation paid to top members of management in a company in the event of a merger or company sales, is known as a golden parachute. A golden parachute is done to discourage buyers from buying over a company and also to help ease the effect of top staff losing their jobs.

A Golden Parachute

Explanation:

A lucrative severance package guaranteed to a firm's senior managers in the event that there is a hostile takeover and they are let go is called a golden parachute.

A golden parachute often includes, alongside the severance package, company shares and other forms of compensation. It provides some sort of safety net for the senior managers of the firm in the event of a takeover and they are left without a job.

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