Dec. 29 (Bloomberg) -- MetLife Inc., the largest U.S. life insurer, said it plans to award William Mullaney, the former head of its U.S. business, cash-incentive compensation of $1.5 million for 2011 as the company prepares for his departure.
Mullaney is also scheduled to receive $1.8 million in long- term stock-based compensation, New York-based MetLife said today in a regulatory filing. Mullaney will also get $650,000 in exchange for his cooperation with the company and a pledge not to “make statements that damage, disparage, or otherwise diminish MetLife’s reputation and business,” MetLife said.
MetLife Chief Executive Officer Steven Kandarian eliminated Mullaney’s job in November when he placed the U.S. business in a larger Americas division under the supervision of William Wheeler. Kandarian is reorganizing the insurer since his promotion to CEO in May.
Mullaney will be a consultant to Kandarian until March 31, MetLife said. The company will provide Mullaney with outplacement services and it agreed not to disparage him, MetLife said.
--Editors: Dan Reichl, William Ahearn
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