Bank of America and the concentration of wealth
Title: BofA exec takes $25 million in severance
Source: The Charlotte Observer
Date: May 25, 2004
From the article:
- "After less than two months on the job, Bank of America Corp.'s president on Monday announced plans to resign next month, and he'll take a $25 million severance package with him.
The Charlotte company said Monday that Eugene McQuade, 55, plans to resign June 30 to pursue 'new challenges.' "
- Under the agreement, he was eligible to receive his severance package if he was terminated other than for "cause," death or disability, or if he left for "good reason." A Bank of America spokeswoman said his departure was deemed "good reason."