Lisa M. Weber, formerly MetLife Inc.'s (MET) president of individual business, resigned Thursday, MetLife said in a Securities and Exchange Commission filing.

Forbes has listed Weber as one of the 100 most powerful women in business for several years running, as have other publications.

Weber's separation agreement calls for her to "not work for certain competitors of MetLife, interfere with MetLife's business relationships, or solicit employees to leave MetLife through 2010, among other terms," the filing said. The list of restricted competitors that Weber may not work for includes most of the largest North American and European life insurers.

The units Weber oversaw - individual insurance and the company's automobile- and home-insurance businesses - were combined with another MetLife unit in an organizational change announced in the summer. William J. Mullaney, who had served as president of the other unit, MetLife's Institutional Business, since January 2007, was named president of the new combined unit.

Weber "was offered the opportunity to continue to be here," John Calagna, a spokesman said. "There were discussions on other potential roles here, and she decided to leave."

MetLife said Weber wasn't available to comment.

In return for her noncompete agreement, MetLife will give Weber a $5 million payment and her outstanding stock options will be exercisable through the remainder of their term. Weber will also continue to receive her salary at an annual rate of $630,000, remain eligible for benefits, and keep her car and driver through the end of the year, in return for being available to advise MetLife, the filing said.

Weber joined MetLife in 1998 from PaineWebber, where MetLife's prior chief executive, Robert Benmosche, had hailed from. Benmosche took over the top job at American International Group Inc. (AIG) last month.

At MetLife, Weber was executive vice president of human resources from 1998 to 2001, and became "instrumental in shaping and implementing MetLife's overall strategy and was the principal architect behind MetLife's culture transformation" as it converted from an insurer owned by its policyholders to one owned by public stockholders, in 2000, according to her MetLife biography. Among other tasks, she helped put into place a pay-for-performance culture at the insurer.

From 2001 to 2004, Weber served as MetLife's senior executive vice president and chief administrative officer. She played a key role in the successful integration of the Travelers Life & Annuity acquisition in 2005.

Shares of MetLife were up 0.3% to $36.25 in after-hours trading.

-By Lavonne Kuykendall, Dow Jones Newswires; 312-750 4141; lavonne.kuykendall@dowjones.com