"Vice President of Dust Collection" (also: "VP of DC," "VPDC," "Voice Mail VP") Refers to the token position in a portfolio company afforded a favored employee of a Private Equity firm whereby she may enjoy a myriad of corporate benefits, expense account privileges and salary from the portfolio firm for doing essentially nothing. Derived from the dust collecting action of the empty chair and empty desk in the empty office where the "employee" is not sitting or the fact that only the voice mail system ever answers the employee's phone.
Senior Partner: "Ok, we've closed the SillyCorp deal. Sally, good work. You are promoted VP of DC for SillyCorp. Talk to HR about getting a corporate credit card and signing up for payroll there. Oh, and see if they have any decent laptops we can use over here. It's about time we upgraded."
"Chief Strategy Officer": The direct superior of a VP of DC.