Magazine article American Banker

In Brief: Capital One Execs Work out Exit Contracts

Magazine article American Banker

In Brief: Capital One Execs Work out Exit Contracts

Article excerpt

Nigel W. Morris, the departing founder and vice chairman of Capital One Financial Corp., will be paid $750,000 annually beginning next year, it said Monday in a filing with the Securities and Exchange Commission.

Mr. Morris, who plans to leave the McLean, Va., credit card issuer on April 30, will also keep all of his executive perks, including a car and an "allowance for personal financial services, home security protection, executive assistance, and home office support."

In return he will not be able to work for or advise any company that competes with Capital One in any country where it does business until 2009, nor will he be able to disclose its "confidential information." If he violates any provision of the contract, Capital One will stop paying him and will be able to sue him for $25 million and damages, according to the agreement.

Additionally, David M. Willey, the former chief financial officer, will receive his base salary for two years. …

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