Departure could cost Standard millions: Former top executive seeks severance package worth about $3.8 mllion
Standard Management Corp. may have to add more than $10 million to the cost of completing its shift to health care services from financial services if a former top executive prevails with his severance claim. P.B. “Pete” Pheffer, the holding company’s former president and chief financial officer, became the latest top executive to leave Standard Management with a severance dispute when he resigned May 31. He claims his contract calls for a severance package worth roughly $3.8 million. On top…