Golden Knights owner Bill Foley has stepped down from the helm of a Las Vegas investment company — and is getting a massive payday in the process.

Cannae Holdings announced this week that Foley left his post as chairman, CEO and chief investment officer and was now vice-chairman of the board. The company’s president, Ryan Caswell, was appointed chief executive, and Cannae board member Doug Ammerman was named chairman.

Cannae, a holding company that buys stakes in operating businesses, said in a news release Monday that Foley would focus on its sports and entertainment and alcohol ventures, along with “strategic investments” and other corporate deals.

Foley, the billionaire longtime chairman of Cannae’s former parent company Fidelity National Financial, was named CEO of Cannae early last year when he already led its board.

The 80-year-old mogul said Monday that he is proud of Cannae’s achievements, that the company is positioned for long-term success and that it is the “right time” for him to transition to the new role.

He also will receive a lump-sum payment of $17.2 million as part of the change, Cannae said in a securities filing.

The company also indicated that all of Foley’s unvested stock awards will be accelerated in the second quarter of this year.

‘Offensive’ compensation package

As part of his new role, Foley will receive an annual board retainer of at least $200,000 and an annual equity award with a value of at least $250,000, the company reported.

Also on Monday, Cannae ended its management services agreement with Trasimene Capital Management, saying they previously agreed this would trigger a $20 million termination fee that Cannae would pay in installments to the firm.

Cannae noted that Foley holds a majority interest in Trasimene.

Cannae shareholder Carronade Capital Management said in a statement Tuesday that Foley’s compensation package was “offensive” and that Ammerman has served on Foley-affiliated boards for more than 20 years.

A Connecticut-based hedge-fund operator, Carronade recently set out to shake up the company amid a slumping stock price.

“Cannae’s latest misguided attempts to cure years of egregious governance in the midst of a proxy challenge are insufficient and in our view border on bad faith,” Carronade said.

Widespread corporate holdings

All told, Foley has extensive and at times overlapping business interests.

Cannae’s portfolio includes a sizable stake in a Foley-led group that owns professional soccer teams overseas. Florida-based Fidelity National, a real estate transaction-services giant with a big presence in Las Vegas, has disclosed paying hefty sums to Foley’s other ventures, including more than $1.3 million one year to the Golden Knights, primarily for tickets.

Cannae also sold its corporate headquarters, off Town Center Drive and Summerlin Parkway, to Fidelity National for $12.2 million in March and leased back a portion of the building for around $10,000 per month.

A separate subsidiary of Fidelity National previously owned the building and sold it years ago to Cannae.

Afterward, Cannae leased space to Fidelity National for more than $300,000 a year before it recently sold the building outright to the company, according to property records and securities filings.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342.