Discover CEO may reap $2.4M bonus [Yahoo! Finance]
Discover Financial Services (DFS)
Last discover financial services earnings: 4/22 05:35 pm
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Source: Yahoo! Finance
Discover Financial Services' interim chief executive officer, Michael Shepherd, agreed to remain in that role through June 30, but he'll exit sooner if the card company closes on the proposed sale to bank giant Capital One earlier, according to a company filing with the Securities and Exchange Commission Friday. Shepherd will be paid a $2.4 million bonus if the deal closes by that June date, on top of an April salary of $1.75 million and $750,000 for each of May and June, per the terms of a March 27 letter of agreement between Shepherd and the company attached to the filing. The letter also ensured that Shepherd will continue to be entitled to certain benefits, including healthcare coverage, use of the company's aircraft and an apartment, in addition to certain protections in the event of his separation from the Riverwoods, Illinois-based company. The employment and compensation agreement between Shepherd and Discover comes as the card network seeks to close the $35 billion sal
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