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Lisa M. Weber, MetLife Inc.'s (MET) president of individual business, resigned her positions with the company Thursday, MetLife said in a Securities and Exchange Commission filing Thursday.
Weber led the company's successful annuities operations and has been called one of the most powerful women in business.
Her separation agreement calls for Weber to "not work for certain competitors of MetLife, interfere with MetLife's business relationships, or solicit employees to leave MetLife through 2010, among other terms," the filing said.
In return for agreeing to those terms, MetLife will give Weber a $5 million payment and her outstanding stock options will be exercisable through the remainder of their term. Weber will also continue to receive her salary at an annual rate of $630,000, remain eligible for benefits, and will keep her car and driver through the end of the year, in return for being available to "advise," MetLife, the filing said.
Weber's old boss, Robert Benmosche, recently took over the top spot at competitor American International Group Inc. (AIG).
-By Lavonne Kuykendall, Dow Jones Newswires; 312-750 4141; email@example.com