In a family way…

October 27, 2004

When a top executive in his mid 40s suddenly announces his resignation for “family reasons”, investors need to pay closer attention. That’s exactly what happened at insurance giant CNA (CNA) whose CFO announced his resignation last April. Though the stock initially rose after the announcement, it’s been falling since the beginning of the summer and obviously hasn’t been helped by the current focus on insurance fraud. But ex-CFO Robert Deutsch is still walking away a winner. In the severance agreement filed recently, the company agreed to pay Deutsch up to $2 million in retirement benefits and an additional $35,000 a month for consulting services. In addition, he’ll hold onto his health benefits and a club membership whose annual dues are $10,000.

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