05/04/2013 22:45:00

Hartford's McGee Gets $11.2 Million Pay Package for 2012

Related content

Liam McGee, the chief executive of Hartford Financial Services Group Inc. (HIG), got an $11.2 million pay package in 2012, a 40% increase, after the insurer's stock rose 38% last year.

Mr. McGee's salary stayed steady at $1.1 million, but stock and option awards rose 15% to $7.5 million and he earned a bonus of $2.35 million, according to the company's annual proxy filing Friday. A year earlier, the company said Mr. McGee told Hartford's board of directors he wanted to forgo a bonus after the company's shares fell 39% and profit dropped 61%.

Mr. McGee and his management team have been working to reduce Hartford's debt and refocus on the company's property-casualty, group-benefits and mutual-fund operations while shedding other businesses.

The proxy said the independent directors on Hartford's board "believe the company had an extraordinary year of transformation" and that Mr. McGee "demonstrated strong leadership by taking bold actions to reposition the Company for future growth."

They decided to pay Mr. McGee a bonus that was 34% higher than the target they had set when they initially designed his 2012 pay package.

Mr. McGee has been CEO at Hartford since Oct. 1, 2009. Shares closed at $26.50 on Sept. 30, 2009, the day before Mr. McGee took over the role. The stock closed at $25.17 Friday.

The next highest-paid executive last year was Chief Financial Officer Christopher Swift, who got a $4.89 million pay package, a 30% increase.

Write to Erik Holm at erik.holm@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

April 05, 2013 17:45 ET (21:45 GMT)

Copyright (c) 2013 Dow Jones & Company, Inc.

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
Ingen indlæg

Regulatory news

Alliance Trust PLC : Transaction in Own Shares

14/06/2017 07:00:13
14 June 2017  Alliance Trust PLC TRANSACTION IN OWN SHARES  The Board of Alliance Trust PLC ("the Company") announces that on 13 June 2017 the Company purchased for cancellation 209,000 ordinary shares of 2.5p each at a price of 708.0748p per share.  Therefore, the total number of voting rights in the Company is now 354,575,762.    The above figure (354,575,762) may be used by shareholder..

Majedie Asset Management Ltd : Form 8.3 - TESCO PLC

13/06/2017 15:20:46
FORM 8.3   PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code")   1.         KEY INFORMATION   (a) Full name of discloser: ..

Quarterly Update for the Quarter to 30 April 2017

13/06/2017 12:50:10
13 June 2017 ICG Enterprise Trust Plc Quarterly Update For the quarter to 30 April 2017 Highlights Share price Total Return1 of 5.7% for the quarter and 39.9% for the 12 months to 30 April 2017 Net asset value per share Total Return1 of 0.6% for the quarter and 19.9% for the 12 months The Portfolio1 is valued at £54..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
Novartis combination targeted therapy Tafinlar® + Mekinist® receives FDA approval for BRAF V600E mutant metastatic non-small cell lung cancer (NSCLC)
2
Lundbeck and Takeda receive Complete Response Letter from the FDA for Trintellix® (vortioxetine) sNDA
3
Results of Operations for the Year Ended December 31, 2016 - American Overseas Group Limited Announces Net Loss Of $7.5 Million and Operating Loss of $14.6 Million For The Year Ended December 31, 2016
4
NXT Energy Solutions Announces Results of Annual General Meeting
5
Barrick and NOVAGOLD to Advance Ongoing Donlin Gold Project Optimization With Approved $8-Million Drill Program

Related stock quotes

Buy and sell signals

  • Trend
  • Moneymachine

Copyright Euroinvestor A/S 2017   Disclaimer and Terms of Use
Quote information is delivered by Interactive Data.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
23 June 2017 21:36:57
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20170623.1 - EUROWEB1 - 2017-06-23 22:36:57 - 2017-06-23 21:36:57 - 1000 - Website: OKAY