Retiring Axis CFO to receive $1.2m for consulting
Bermuda-based AXIS Capital Holdings has agreed to pay departing chief financial officer (CFO) Joseph Henry a fee of $1.2 million for advisory services in 2018.
Henry will retire at the end of 2017 and will be replaced by AXIS Insurance chief operating officer Peter Vogt.
In connection with the notice of resignation, AXIS Specialty US Services, a subsidiary of the company, and Henry entered into a consulting agreement.
“Under the terms of a separation agreement and in connection with Henry’s execution of a general release of claims and agreement to comply with the restrictive covenants in the Separation Agreement, Henry will receive a separation payment, which includes the payments and benefits required in connection with the Company’s non-renewal of Henry’s employment agreement and the accelerated vesting of his outstanding equity awards that remain unvested as of his separation date,” according to a Dec. 14 SEC filing.
“Under the terms of the Consulting Agreement, Mr. Henry will provide advisory services to the Company from January 1, 2018 until December 31, 2018, and he will receive a fee of $1.2 million in connection with these services,” according to the statement.
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