MMC, which is one of the largest insurance brokers, said it will pay ex-CEO Michael Cherkasky a lump sum as part of a separation agreement.
NEW YORK (Reuters) - Marsh & McLennan Cos Inc <MMC.N> will pay its former chief executive $7.15 million in severance pay, according to a regulatory filing on Friday.
MMC, which is one of the largest insurance brokers, said it will pay ex-CEO Michael Cherkasky a lump sum as part of a separation agreement.
All unvested equity awards previously granted to Cherkasky -- who was forced out earlier this year after investors grew disgruntled with the company's poor financial performance -- will vest in full. But Cherkasky will not to be paid any bonus for 2007, according to MMC's filing with the U.S. Securities and Exchange Commission.
(Reporting by Lilla Zuill)
!ADVERTISEMENT!
