CHICAGO - Ogilvy & Mather will pay former O&M/Chicago executive vp/managing director Bruce Beach approximately $1 million according to an agreement hammered out in arbitration, sources close to the litigation said last week.
Beach took his former employer to the American Arbitration Association for money he said was due to him as part of a severance agreement between the two parties signed in 1989. In that agreement, it was stipulated that Beach be paid an amount equal to 'two times the sum of his annual salary immediately prior to June 19, 1989, and his most recent annual bonus.' Beach left the agency in Jan., 1991, after a dispute over bonus payments.
Neither Beach or his attorneys would comment. O&M officials couldn't be reached late Friday.
Copyright Adweek L.P. (1993)