September 2, 2011 – NEW YORK (Reuters) - Bank of New York Mellon Corp <BK.N> has agreed to pay $33.8 million in severance and benefits to Robert Kelly, who stepped down as chief executive this week after disagreeing with the board over how to manage the company.
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Kelly, 57, will receive a $2 million in severance pay, as well as a prorated bonus targeted at $4 million, which will be adjusted based on Bank of New York Mellon's performance for the full year.
He will also be able to cash in on restricted stock awards for past service totaling $11.2 million and a bested supplemental pension annuity valued at about $16.6 million.
Kelly stepped down on Thursday in a surprise move due to what Bank of New York Mellon described as "differences in approach to managing the company." He was replaced by Gerald Hassell, the bank's 59-year-old president, who took over as chairman and CEO.
(Reporting by Lauren Tara LaCapra; editing by Gunna Dickson)