AF Financial Group of West Jefferson, N.C., has settled a dispute with the chief executive officer it fired in July.
Processing Content
The $200 million-asset company agreed Friday to pay James A. Todd severance of $209,000 plus $101,000 to cover the value of his retirement plan.
Mr. Todd, who had been its president and CEO since 1994, resigned from the board and agreed not to compete through next June 1 and not to sue the company.
AF fired him in July after an investigation into what it said were "personnel matters."
It would not elaborate except to say it was not accusing him of financial irregularities.
