ATLANTA -- Eight top C&S/Sovran Corp. executives could receive at least $23.8 million in severance and retirement benefits if they leave the company within two years after it merges with NCNB Corp., according to a regulatory filing.
Based on 1991 compensation rates, chairman and chief executive Bennett A. Brown would receive $2.5 million; vice chairman Hugh M. Chapman nearly $2 million; chairman of the executive committee Albert B. Gornto Jr. $1.9 million; president and chief operating officer Dennis C. Bottorff $1.7 million; chief credit officer Willard A. Alexander $1.3 million; chief financial officer James D. Dixon $850,000; senior executive vice president Eileen M. Friars $835,000, and general counsel Page D. Cranford $715,000.
The filing with the SEC also details some $40 million in payments that either have been disbursed, or will be paid upon completion of the merger, to the following:
On the NCNB side, $11 million to Morgan Stanley & Co.; $7 million to James D. Wolfensohn Inc.; and $2 million each to Merrill Lynch & Co. and Salomon Inc.
On the C&S/Sovran side, $12.4 million to First Boston Corp.; $3.8 million to Robinson-Humphrey Co.; and $2 million to Dillon, Read & Co.