Takeover could be windfall for Great Western brass.(Great Western Financial Corp.)(Brief Article)

Great Western Financial Corp.'s senior management could reap millions from severance packages, if the company decides to accept a takeover-a more than likely scenario after H.F. Ahmanson Co.'s hostile bid last week.

James F. Montgomery, Great Western's chairman, stands to gain the most, about $23 million from his stock options alone, subject to subsequent negotiations, according to Great Western's most recent proxy statement.

John F. Maher, the company's chief executive, could receive in the neighborhood of $13.6 million from his stock options, according to the proxy.

Compensation consultants said such amounts are not unusual for senior management at a …