Plot twist: the parachute runs MCAS.

Golden parachutes are primarily handed out to those who are hired from the open C-level circuit into a house already on fire. They have the bargaining position to demand the "heads I win tails you lose" contracts that are known as golden parachutes. Someone who internally rose through the ranks never enjoyed that much bargaining power. He surely won't fall into poverty, but landing might not be quite as soft soft as you imagine. (not ruling out the possibility though)