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.
Topics A.J. Gallagher
Was this article valuable?
Here are more articles you may enjoy.
Florida’s Property Tax Plan Risks Charging Fees for ‘Everything’ 
Comulate Loses Appeal for Injunction Against Applied Systems 
Acrisure to Cut 2,250 Employees, Citing Advances in Technology and AI 
NY Lawmakers Agree to Governor’s Auto Insurance Reforms in New Budget 
