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

Appointment of Joint Corporate Broker

05/12/2016 15:00:33
Appointment of Joint Corporate Broker Stagecoach Group plc is pleased to announce that RBC Capital Markets has been appointed Joint Corporate Brok..

Rathbones : Form 8.3 - [Alternative Networks PLC]

05/12/2016 12:06:02
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE ..

HSBC Bank Plc : Form 8.5 (EPT/RI) - Brammer PLC

05/12/2016 10:32:18
FORM 8.5 (EPT/RI) PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY ..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
Bristol is Open Wins Internet of Things Award for Programmable City Initiative
2
Form 8 (OPD) - Alternative Networks plc
3
The Eye Doctors Host an Event on December 7 to Celebrate the Launch of Their Men’s Premier Red Bull Eyewear Line
4
Form 8.5 (EPT/RI) - Alternative Networks plc - AMENDMENT
5
Karyopharm Presents Updated Phase 1b STOMP Data at the American Society of Hematology 2016 Annual Meeting

Related stock quotes

Buy and sell signals

  • Trend
  • Moneymachine

Copyright Euroinvestor A/S 2016   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.
 
06 December 2016 10:17:09
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20161205.1 - EUROWEB1 - 2016-12-06 11:17:09 - 2016-12-06 10:17:09 - 1000 - Website: OKAY