Not exactly kicked to the curb at Assurant…

March 10, 2009

Yesterday, Assurant (AIZ) announced that it had made its interim CFO, Michael Peninger, permanent and that Peninger was replacing P. Bruce Camacho, who the release said was leaving to pursue the oft-abused “other opportunities.” As Reuters reported, there was a bit more back-story though: Camacho had been placed on administrative leave nearly two years ago, after receiving a Wells Notice from the SEC.

But it was the two additional agreements with Camacho that were part of the 8K filed yesterday that really caught my attention. The first, a separation agreement will pay the former CFO $5 million in severance over a six month period. The first payment of $833K will be due July 2. But wait….there’s more (as they say on late-night TV). Camacho will also receive $100K a month in consulting fees through next March.

So what’s the moral of this story? Be “lucky” enough to get a Wells Notice from the SEC, get placed on administrative leave, continue to collect a salary (at least according to last year’s proxy) and then get $6.2 million when you resign for personal reasons.

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