Robert Fomon will receive bonus pension benefits.

The retired E. F. Hutton Group chairman will receive $465,000 a year for life in extra pension benefits and $500,000 annually in consulting fees for up to seven years as part of his agreement to leave the brokerage firm, a spokesman said. Quoting information mailed to shareholders, E. F. Hutton spokesman Robert M. Sharkey said the benefits and fees will supplement Fomon's regular pension benefits of $147,450 a year. Fomon, 62, retired as chairman and director of the securities firm on May 6, when he received a one-time payment of $4 million. Fomon is credited with transforming Hutton into a major player in the securities business, but his career was marred by a check-overdraft scandal at the firm two years ago.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World