So what do you expect to receive when you leave your firm? Maybe a pat on the back, a handshake and a gold clock? Or what about a cool $21 million (approximately £17 million)?
That is the eye-catching figure that a top executive at Willis Towers Watson can expect to receive, according to a recent report.
The Financial Times
claims to have analyzed documents relating to the departure of Willis Towers Watson’s deputy chief executive Dominic Casserley. His contract is due to expire at the end of 2016 and it has already been announced that the man who headed insurance broker Willis prior to its merger will leave the company.
So what do the documents reveal?
According to the Financial Times
, it has seen company filings showing the non-renewal of Casserley’s contract will prompt a cash pay out of $8 million. This will be accompanied by share-based awards worth around $13 million, as well as around $200,000 in additional benefits.
Law firm Royds Withy King confirmed that Casserley is due to receive the payments but described the language used by the company as “unhelpful and opaque”.
Casserley was the chief executive at Willis before staying on after the company’s $17 billion merger in the role of deputy chief executive and president. His salary is reported to be at $1 million per year, in addition to bonuses.
The company reported a net loss in the last quarter ending in September, at $32 million largely due to an amortisation charge.
The publication noted that Willis Towers Watson would not comment on Mr Casserley’s pay.
Willis Towers Watson faces questions after $32 million loss
Willis executive director joins BPL Global