Aon COO asks for indoor office space…

November 10, 2010

They may be putting up the Christmas Tree over on Daley Plaza, but it’s unseasonably balmy here in Chicago this week. Still, we couldn’t help but chuckle when we read a line in this transition agreement between Aon Corp. (AON) and outgoing COO Andrew Appel that was filed yesterday:

enclosed office space and secretarial assistance in the Aon Center through the earlier of September 30, 2011, or the date as of which the Executive becomes employed full-time by another employer

It just makes us wonder: was Aon planning to offer Appel space on the Plaza until some attorney negotiated space that was actually inside the building? And, if so, why wasn’t indoor plumbing spelled out as part of the deal?

Of course, the indoor office space is only part of Appel’s package. He’s also getting $4.2 million in severance and a few other minor perks. The amount works out to about three times Appel’s 2009 target bonus. He’ll continue to collect his $950K in annual salary through the end of the year. In exchange, he’ll be required to perform some transitional duties between now and then, though he won’t be required to work a set number of hours. For now, at least, his profile remains on Aon’s website, though we expect it to be taken down shortly. Appel also owns over 160,000 shares of Aon stock, according to a Form 4 filed last month.

Aon did put out a press release yesterday announcing the 45 year-old executive’s departure to “pursue additional challenges”, which sounds somewhat better than the oft-used “leaving for personal reasons”. Between the indoor office space and the $4.2 million, it sounds like Appel has the beginnings of a new company.


Image source: Garagendrachen via Flickr

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