Brown & Brown announced that P. Barrett Brown, Executive Vice President and former President of the Retail Segment, has voluntarily resigned for good reason, effective August 10, 2026. The company entered into a Transition Agreement with Mr. Brown, under which he will continue employment to provide transition services through July 31, 2027, and receive a comprehensive compensation and severance package.
Key Details
- Transition Period: Mr. Brown will provide transition services until July 31, 2027, while continuing to receive his annual base salary of $1,000,000.
- Compensation Package: The agreement includes a total bonus of $1,300,000 (paid in two installments), a $130,000 lump sum for expenses, and $2,500,000 in severance payable in August 2027 and August 2028.
- Post-Employment Covenants: As part of the agreement, Mr. Brown is subject to a one-year non-compete covenant following the termination of his employment.