|CEO's Severance: iPads, Not Cash|
|Susanna Kim||Mar 2, 2013, 6:02 AM|
Rob Kim/Getty Images
The former CEO of insurer Marsh & McLennan received an unusual severance package that included his company-issued iPads, iPhone and Blackberry. But no cash.
Brian Dupperrault, 65, announced in September that he would retire at the end of the year after five years as CEO and a month as chief financial officer. The financial documents investigative website, Footnoted, found the details in an exhibit of its 312-page document it 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.
A spokeswoman for the company confirmed that Duperreault did not receive any cash severance.
According to the 10-K document, Footnoted also says that after retirement, Dupperrault will have access to to a Bloomberg terminal subscription, which is about $1,500 a month through Feb. 2014.
"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 Dupperrault. He 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.