CEO’s Severance Will Include iPads, iPhone, No Cash
(NEW YORK) -- The former CEO of insurer Marsh & McLennan will receive an unusual severance package that included his company-issued iPads, iPhone and Blackberry, but no cash.
Brian Duperreault, 65, announced in September that, after five years as CEO and one month as chief financial officer, he will retire at the end of the year. The financial documents investigative website, Footnoted, found the details in an exhibit of the 312-page document Marsh & McLennan filed with the Securities and Exchange Commission on Wednesday.
His most recent employment agreement indicates that he won’t receive any severance in the form of cash, however, spokeswoman for the company confirmed that Duperreault will not receive any cash severance.
According to the 10-K document, after retirement, Duperreault will have access to to a Bloomberg terminal subscription, which is worth about $1,500 a month through Feb. 2014, says Footnoted.
“As a courtesy, MMC did agree to provide Mr. Duperreault with post-retirement transitional support in the form of administrative support, an office at the Company’s office where he is domiciled and access to his existing technology support for one year,” she said.
But don’t feel bad for Duperreault. He will get an office and administrative support at the company’s offices in Bermuda through the end of the year and his third tranche of 400,000 stock options granted in 2008, which Footnoted points out are trading at about the same price today as when they were granted.
Shares of Marsh & McLennan closed at $37.24 on Friday, up 0.27 percent.
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