Amount includes £270,000 loss-of-office payment
Former JLT executive director Vyvienne Wade was paid £881,000 on departing the broker last May, including £270,000 in compensation for loss of office.
Wade left JLT on 7 May 2013 under a cloud, complaining about the broking group’s “harsh” culture and the way she was informed of her removal as Latin America chief executive.
Wade’s £270,000 severance pay was less than her contractual entitlement to one year’s salary and benefits in lieu of one year’s notice, according to the broker’s annual report.
In addition to the £270,000 severance pay, Wade received a £483,000 payment under JLT’s long-term incentive programme (LTIP). The broker said it had decided to apply “good leaver” treatment to Wade’s outstanding LTIP awards for 2011 and 2012 based on Wade’s “service and performance delivered over the long term”.
Half of the LTIP award was paid on departure and the remaining half was paid six months later.
Wade was also paid a bonus of £128,000 based on her performance up to the date of her departure.
The £881,000 of payments came on top of Wade’s salary of £133,000, benefits of £7,000 and pension contribution of £14,000 - all of which were paid up to Wade’s 7 May departure date.
Since Wade joined Gallagher on 9 September 2013, the broker has expanded in Latin America. Last month Gallagher bought a majority stake of Peruvian reinsurance broker JAO & Partners.