CEO Blankenship gets $12 million to leave Massey

Chief Executive Don Blankenship is getting at least $12 million to retire from Massey Energy Co.

The troubled Virginia.-based coal company outlined Blankenship's retirement agreement in a Securities and Exchange Commission filing Tuesday. The document says Blankenship gets $2 million Dec. 31 and $10 million July 1. The deal also covers undetermined performance awards for this year. He also gets health insurance and a $5,000 a month consulting job for two years.

In exchange, Blankenship can't compete with Massey or hire away employees for two years. Massey announced Blankenship's abrupt retirement Friday. It comes as Massey struggles to recover from the April 5 explosion that killed 29 miners in West Virginia.