Hawker departs IAG with $1.9m golden handshake
Former IAG Chief Executive Michael Hawker has departed the insurer with a severance payment of $1.94 million, equivalent to half his annual salary.
Mr Hawker resigned as CEO in May following a series of profit downgrades and the failed takeover proposal from rival QBE.
He remained on the insurer’s payroll until July 25 after he was replaced as CEO by former Promina head Mike Wilkins.
Mr Hawker receives the $1.9 million payment in addition to his normal salary entitlement. However, he lost all outstanding share rights allocations as of July 25 except for 400,000 performance award rights granted in December 2003.
Mr Hawker resigned as CEO in May following a series of profit downgrades and the failed takeover proposal from rival QBE.
He remained on the insurer’s payroll until July 25 after he was replaced as CEO by former Promina head Mike Wilkins.
Mr Hawker receives the $1.9 million payment in addition to his normal salary entitlement. However, he lost all outstanding share rights allocations as of July 25 except for 400,000 performance award rights granted in December 2003.