Business Services Industry
Aon adds buyout-triggered severance benefits.(News)(Brief Article)
Business Insurance, January, 2005 by Martin, Sara
Byline: Sally Roberts CHICAGO-Aon Corp. has implemented a new severance package plan for its key executives in the event the Chicago-based brokerage giant is acquired. Aon's board of directors approved the new severance agreements on Jan. 21. They were detailed in filings with the Securities and Exchange Commission late last week.
The company said the plans were adopted in order to secure the continued service, dedication and objectivity of the executives in the event of a change in control at Aon, but it maintained the new plans were not taken in anticipation of any contemplated change in control. Under the new agreements, 11 senior "Tier 1'' executives would receive, among other benefits, three years' pay and three additional years of medical, dental...
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