Itasca, Ill.-based brokerage Arthur J. Gallagher & Co. has forgiven the unpaid balance on a $2.3-million loan to Michael J. Cloherty, who stepped down as chief financial officer in 2003.
After stepping down, Cloherty was named a special adviser to Gallagher’s CEO under a 10-year employment contract that allows him to devote more work to running his family business.
Principal and interest adding up to $918,211 for the 2001 loan remained unpaid when Gallagher forgave it, according to a proxy statement filed with the Securities and Exchange Commission.
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