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St. Louis (Investment News) -- Former chief executive Robert Bagby has retired in the face of intense animosity from many A.G. Edwards employees. They were angered at the merger that he orchestrated with Wachovia Securities LLC last year.
Since 2001 when he became chief executive, Mr. Bagby, 64, had promised to continue A.G. Edwards & Sons Inc.'s tradition of independence. But he shocked employees last year when the merger was announced.
Mr. Bagby's retirement was effective May 1, said Teresa Dougherty, spokeswoman for Wachovia.
Mr. Bagby, who joined A.G. Edwards in 1975 as a branch administrator for the Southwest region, is taking home $7.5 million in Wachovia stock, which vested upon his retirement.
In addition, under his contract, Mr. Bagby should be receiving a lump sum payment of $1.2 million, two times his salary, plus a bonus of $4.5 million. That money is in addition to a prorated share of a $4.5 million bonus for this year and other benefits.
Ms. Dougherty declined to comment on Mr. Bagby's compensation. |
