QBE boss given $9m handshake

Date
    August 16, 2012


Frank O'Halloran.



INSURER QBE is to pay outgoing chief executive Frank O'Halloran a golden handshake worth about $9 million, the company revealed last night.   

In a statement released to the exchange at 6.23pm, two hours after the market closed, QBE said the payout recognised Mr O'Halloran's contractual rights and statutory entitlements run up since he joined the company in 1976.

While Mr O'Halloran leaves the company on Friday, the package includes an extra 11 days' pay, worth about $70,000, in return for Mr O'Halloran continuing to remain an employee until August 28.   

It is not clear what, if any, responsibilities he will have during this period, for which he will be paid more than the average worker's yearly wage.


While large, the exit payout fails to shade the gargantuan payment of at least $15 million handed to former Leighton chief executive Wal King in late 2010.

It is also less than the $9.2 million, plus options, NAB paid to Don Argus in 1999.

However, it beats the $7.8 million paid to ASX boss Tony D'Aloisio when his services were no longer required after the bourse's merger with the Sydney Futures Exchange in 2006.

While the bulk of Mr O'Halloran's payout is payable at the end of this month, about $330,000 of shares are not his until 2016 and depend on QBE meeting earnings hurdles.

Mr O'Halloran, who has been chief executive for 14½ years, leaves the company as it battles US regulators over premiums for a controversial form of insurance.

Florida's Office of Insurance Regulation has followed the lead of New York authorities, ordering QBE to cut the rates on forced-placed insurance by at least 35 per cent.QBE chairman Belinda Hutchinson said Mr O'Halloran's passion for the company was ''truly unique''.

''His unswerving commitment and loyalty to QBE's shareholders and leadership of our people has been the cornerstone of QBE's success over his tenure,'' Ms Hutchinson said.   


Read more: http://www.theage.com.au/business/qbe-boss-given-9m-handshake-20120815-2490m.html#ixzz23g8g4QqX

Yep it sends a great message to all of the people trying to survive on minimum wages

What a joke these CEO's are

... wrote on Aug 16^th, 2012 at 3:44pm:


and lauging at you as well LOL