Nice Severance If You Can Get Itby
Ten months' work for $25 million--not a bad deal for Richard Braddock, who announced he would resign Oct. 18 as chief executive of Medco Containment Services. Braddock, 51, signed on at Medco in January at the behest of his friend and longtime banking client Martin Wygod, Medco's chairman. He got a $750,000 salary plus stock options and the promise of a fee if Medco was sold. Now, Merck is buying Medco for $6 billion. Braddock had little to do with the planned acquisition, according to Wygod, who says he was "still on the learning curve." But his take is impressive--if somewhat less than the $35 million implied by his original pay agreement.
But Braddock is too ambitious to take his money and retire. "I'm a type A," he says. A director of Eastman Kodak, he's often mentioned as a candidate to become the photo giant's new chief executive. He declines to comment on that possibility but is widely expected to settle for nothing less than a No.1 spot somewhere. Before jumping to Medco, the Harvard business school graduate was president of Citicorp; there, he was rumored to be a contender to succeed James Robinson at the helm of American Express. Says Braddock: "I like to run businesses with a consumer bias and growth potential."