The former chief executive of Waddell & Reed will leave the mutual fund firm with more than $14 million in stock, cash and benefits, a Kansas City Star report reveals through documents it obtained from a Securities and Exchange Commission filing.

Keith Tucker, who resigned two weeks ago as Waddell & Reed's chairman and CEO, signed an eight-year consulting contract, whereby the firm was scheduled to pay him $6 million in cash, half of it due last Wednesday. Although the firm characterized Tucker's resignation as "early retirement," it comes on the heels of a $32 million regulatory settlement over variable annuity exchanges it recommended to customers three years ago.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.