Lisa Weber, MetLife Inc’s (MET.N) Individual Business’ president, resigned from the insurer on Thursday and will receive $5 million as part of a larger severance package, the company announced.
Weber, 46, oversaw MetLife’s retail business, including individual insurance and the Auto & Home division, and had run the units since 2004. She is credited with being a key figure in integrating Travelers Life and Annuity into the company in 2005, after it was purchased from Citigroup for $11.5 billion.
Her division’s earnings topped $2 billion, with more than $212 billion in assets under management, according to Weber’s MetLife profile.
But her position was eliminated as part of a combination of the insurers’ individual and institutional units, which the company announced in July.
“The integration’s well under way, and she decided it was time to leave,” said John Calagna, a MetLife spokesman.
Under the terms of the severance agreement, Weber will receive her full salary, $630,000, to remain as an adviser to the company until year-end, along with the $5 million cash payment, but will be under a noncompete agreement with MetLife until Dec. 31, 2010.
The agreement also includes full access to MetLife’s benefits plan, car and driver services, reimbursement for business and professional conferences previously approved by the company. In addition, she will receive support staff services until the end of January 2010.
Weber will also be receive a mix of cash and stock for pending payouts under the company’s performance share awards compensation plan.
If she resigns before Dec. 31, but after Dec. 1, she will receive $1.6 million in cash. If she leaves at year-end, however, she will receive $817,950 in cash and 12,500 shares of MetLife stock.
All of Weber’s outstanding stock options can be exercised through the remainder of their initial terms, totaling 311,668 options.
Her legal fees in connection with the severance agreement, $12,500, will be reimbursed by Metlife.
Source : Reuters
