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

HSBC Bank Plc : Form 8.5 (EPT/RI) - London Stock Exchange Group Plc

23/01/2017 10:32:57
FORM 8.5 (EPT/RI) PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY ..

Alliance Trust PLC : Transaction in Own Shares

23/01/2017 07:00:01
23 January 2017  Alliance Trust PLC TRANSACTION IN OWN SHARES  The Board of Alliance Trust PLC ("the Company") announces that on 20 January 2017 the Comp..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
Fingerprint Cards' member of the board Lars Söderfjell taken into custody
2
Hands-on Techniques Provide Pain Relief at Faith Chiropractic, PS in Washington
3
Wichita Optometry Helps Dry Eye Sufferers with Cutting-Edge LipiFlow® Gland Function Treatment
4
Philips Lighting proposes two new Supervisory Board members
5
Atlantic Petroleum completes the sale of its Norwegian activities.

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 January 2017 14:38:51
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20170120.2 - EUROWEB6 - 2017-01-23 15:38:51 - 2017-01-23 14:38:51 - 1000 - Website: OKAY