A Nice Retirement? Could Have Been Better
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Merrill Lynch won’t be paying Stan O’Neal a bonus or severance package, the company announced in it’s Form 8-K filed today. But O’Neal, who “retired” today as CEO after a disastrous third quarter, will receive $161.5 million in “retained stock awards and benefits.” He will also get a pro-rated share of his base salary, which last year was $700,000. (The 2006 proxy statement shows that he received an $18.5 million bonus for his efforts in 2006.) The company will waive the non-compete (against “specified” competitors) and provide O’Neal with an office and an executive assistant for up to three years.
It’s a shame he didn’t pull off the sale to Wachovia. According to last year’s proxy statement, O’Neal would have been able to receive a $29.5 million “change in control severance” package.
