{"id":396,"date":"2006-10-22T11:31:16","date_gmt":"2006-10-22T16:31:16","guid":{"rendered":"http:\/\/www.sequence-inc.com\/fraudfiles\/2006\/10\/22\/massmutual-appeals-ruling-on-firing-of-ceo-robert-oconnell\/"},"modified":"2006-10-22T11:31:16","modified_gmt":"2006-10-22T16:31:16","slug":"massmutual-appeals-ruling-on-firing-of-ceo-robert-oconnell","status":"publish","type":"post","link":"https:\/\/www.sequenceinc.com\/fraudfiles\/massmutual-appeals-ruling-on-firing-of-ceo-robert-oconnell\/","title":{"rendered":"MassMutual appeals ruling on firing of CEO Robert O&#8217;Connell"},"content":{"rendered":"<p>An arbitrator ruled that Massachusetts Mutual Life Insurance Co. fired its chief executive officer, Robert J. O&#8217;Connell, without cause.   MassMutual&#8217;s board of directors fired him last year after alleging that he improperly increased the value of a retirement account by tens of millions of dollars.<\/p>\n<p>The arbitration panel ruled that MassMutual didn&#8217;t follow the dismissal rules that were in the employment agreement the company had with Mr. O&#8217;Connell.  The panel further found that Robert O&#8217;Connell did not breach the fiduciary duty he owed the company.  They ruled that the company owed Mr. O&#8217;Connell a lump sum of three times his base salary plus short-term incentive award, plus other benefits.  The estimated value of the amount owed to Mr. O&#8217;Connell is $40 million to $50 million.<\/p>\n<p>MassMutual is appealing this ruling, saying that it undermines corporate governance policies.  The company says that any monetary award that might be paid to Mr. O&#8217;Connell will not have a material impact on its financial statements.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An arbitrator ruled that Massachusetts Mutual Life Insurance Co. fired its chief executive officer, Robert J. O&#8217;Connell, without cause. MassMutual&#8217;s board of directors fired him last year after alleging that he improperly increased the value of a retirement account by [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[],"class_list":["post-396","post","type-post","status-publish","format-standard","hentry","category-fraud-news-stories"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p6Z0e-6o","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/posts\/396","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/comments?post=396"}],"version-history":[{"count":0,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/posts\/396\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/media?parent=396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/categories?post=396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/tags?post=396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}