Golden parachute for John Finnegan is overwhelmingly rejected
Chubb shareholders rejected a deal which would see chief executive John Finnegan walk away with a $80m golden parachute payment.
Despite approving the merger, around 61 per cent of shareholders rejected the deal, which was described by one analyst as ‘eye-popping’.
Finnegan wants a deal whereby if he resigns or is sacked following the merger, he will walk away with a package including a $23m tax reimbursement, $24m in cash and $33m in equity.
KBW analyst Meyer Shields told Bloomberg that Finnegan had created a lot of value for the insurer.
He said: “You could make the argument that compared to that, maybe the golden parachute wasn’t as golden as it could have been. Having said that, it’s still an eye-popping number.”
Having approved the $30bn merger, Finnegan, 66, will soon take up the executive vice chairman role.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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