February 24, 2021

Business Briefing | Finance: Severance of $2 Million for Departing Bank Chief

Bank of New York Mellon has agreed to pay its departing chief executive, Robert P. Kelly, severance of $2 million, according to a statement filed Friday with the Securities and Exchange Commission. The bank said Mr. Kelly was also eligible for up to $4 million in compensation based on the bank’s performance this year and $11.2 million from vested equity awards. Mr. Kelly is also entitled to a pension currently valued at $16.6 million, Bank of New York said. The bank said it would take a charge of $22 million in the third quarter to account for the compensation. Mr. Kelly stepped down late Wednesday because of “differences in approaches to managing the company,” the bank said.

Article source: http://feeds.nytimes.com/click.phdo?i=7a113b13cd124bb7ea9376b75c09046f

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