A top executive at Merrill Lynch & Co Inc (MER.N: Quote, Profile, Research, Stock Buzz), which last month accepted a takeover offer from Bank of America Corp (BAC.N: Quote, Profile, Research, Stock Buzz), is likely to leave with more than $10 million in compensation, people familiar with the situation told the Wall Street Journal.
Merrill's strategy head and former Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) executive, Peter Kraus, will not be included in a broader announcement, expected as soon as this week, that top executives are staying once the purchase is completed by year-end, sources told the paper.
As a result of the takeover, terms of Kraus's contract have changed and will trigger an exit payment, the Journal said. Sources told the paper that Kraus was owed this money and would have collected it eventually even if he was staying with bank, and would now leave with as much as $25 million.
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