PenFed buys Sperry Associates Federal Credit Union; CEO Gets Big Payout

In voting for the sale, SAFCU members got $350 each. But the CEO got an agreement for five years of salary plus a three-year buyout.

According to Newsday, SAFCU CEO Kevin Healy, with an annual salary of $335,956, will receive a five-year employment guarantee and an optional severance payment at a rate of 36 months’ salary if he leaves PenFed within 24 months of the merger.

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