Business Services Industry
Bank of America President Takes $25 Million Severance Package.
Knight Ridder/Tribune Business News, May, 2004
By Rick Rothacker, The Charlotte Observer, N.C. Knight Ridder/Tribune Business News
May 25--After less than two months on the job, Bank of America Corp.'s president on Monday announced plans to resign next month, and he'll take a $25 million severance package with him.
The Charlotte company said Monday that Eugene McQuade, 55, plans to resign June 30 to pursue "new challenges." He previously had been president and chief operating officer at FleetBoston Financial Corp. before helping engineer the April 1 merger with Bank of America.
The departure followed a tradition of executives from acquired banks leaving shortly after Bank of America seals the deal, analysts said.
McQuade is the highest-ranking Fleet executive to leave so...
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