fbpx

‘Golden parachute’ compensation could exceed $20 million for Susquehanna execs

William Reuter, Susquehanna Bancshares chairman and CEO

William J. Reuter, Susquehanna Bancshares Inc. chairman and CEO, would make nearly $10 million should a “golden parachute” clause kick in after Susquehanna’s merger with BB&T Corp.

According to a filing with the Securities and Exchange Commission this week, Reuter stands to make $9.8 million in “golden parachute” compensation from the deal as one of four Susquehanna executives who could make seven figures. In total, the compensation for the four would reach $20.23 million.

The clause would kick in should they be fired without cause or resign due to an “adverse change” after the merger, according to the filing.

In addition to Reuter, three other Susquehanna executives were named as “golden parachute” recipients:

• Gregory A. Duncan, president: $4.05 million
• Michael M. Quick, chief corporate credit office: $3.35 million
• Michael W. Harrington, chief financial officer: $3.03 million

Susquehanna named Duncan the company’s president effective Oct. 10, 2014.

The compensation includes cash, equity, pension, benefits and other costs.

Susquehanna agreed to be acquired by BB&T in November. The $2.5 billion deal is expected to close in the second half of the year.

Michael Sadowski

Business Events

2020 Icon Honors

Tuesday, December 15, 2020
2020 Icon Honors

Nonprofit Innovation Awards

Thursday, May 20, 2021
Nonprofit Innovation Awards

Reader Rankings Awards

Thursday, June 10, 2021
Reader Rankings Awards

Game Changers

Monday, November 01, 2021
Game Changers