Saturday, March 2, 2013

CEO’s Severance Was iPads, iPhone, Blackberry, Not Cash

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.

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