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Departing Amex Exec To Receive $9.7 Million Exit Package Plus $4 Million Bonus
American Express Co. yesterday said Alfred F. Kelly, the company's departing president, will receive separation payments totaling $9.7 million and will be eligible to receive a $4 million bonus for his performance this year. AmEx outlined the separation agreement in a Securities and Exchange Commission filing. Kelly, 51, who heads AmEx's Global Consumer Group, will leave the company on April 10. Until then, he will continue to receive his annual salary of $765,000, which increases 11.1% to $850,000 next year. His various stock options will continue to vest through 2012; he may exercise his options thereafter on nonqualified stock options. AmEx on Monday announced Kelly's departure as part of a reorganization and consolidation of duties among the company's top leaders (CardLine, 10/5). There are no plans to name a president to replace Kelly, who joined the company in 1987.
