In September, Mr. Duggan officially filed papers with the city of Detroit to consider a mayoral run. He said he would need to raise about $5 million to consider a full mayoral campaign.
In the filing, Vanguard and Mr. Duggan agreed that he will receive 70 percent of his salary, effective Oct. 16 through Dec. 31, which reflects the amount of time he’ll devote to Vanguard. Seventy percent of Mr. Duggan’s salary is $974,500 per year.
If Mr. Duggan formally announces his candidacy for Detroit’s mayor prior to Dec. 31, he will resign from all positions within Vanguard and will not receive any additional salary. However, he would be entitled to any severance and benefits within his contract agreement.
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