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Ace Ltd. says farewell with $5M

Reason No. 359 for why I love Form 8-K filings:

Ace Ltd. , the Bermuda-based insurer with major operations in Philadelphia, announced that its former CEO, Brian Duperreault, resigned from the board Jan. 29.

Old news, I know. But today Ace filed its 8-K on the announcement and it provides this morsel:

In connection with Mr. Duperreault's resignation, the Compensation Committee approved a cash severance payment to Mr. Duperreault in the amount of $4,950,000 as compensation for his past service to ACE Limited.

So not only did Duperreault get a new job - CEO of Marsh & McLennan Cos. Inc. - but also a nice parting gift. (Still waiting for Marsh to file its 8-K on what it's paying Duperreault.)

- Mike Armstrong

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Posted by phillyinc on February 1, 2008 1:44 PM |

Comments (1)

Mike:

It's a beautiful thing. He deserves it. After all, the one who dies with the most toys (or money) wins, right?

Posted by Mike | February 1, 2008 5:56 PM

Posted on February 1, 2008 17:56

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