NEW YORK (Reuters) - Bank of New York Mellon Corp
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.
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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)