Hartford Financial CEO McGee refuses bonus after stock drop

Hartford Financial CEO McGee refuses bonus after stock drop
Despite being eligible for a $1.76 million incentive for 2011, Hartford's CEO Liam McGee declined it.
APR 30, 2012
Hartford Financial Services Group Inc.'s Liam McGee, the chief executive officer battling calls to split his company after a 39 percent stock drop last year, refused a 2011 bonus. McGee's total compensation for 2011 declined 25 percent to $7.94 million, from $10.6 million in 2010, Hartford, based in the Connecticut city of the same name, said today in a regulatory filing. McGee's bonus for 2010 was $1.76 million. Hartford posted the third-biggest decline on the 24-company KBW Insurance Index last year, beating only MGIC Investment Corp. and Genworth Financial Inc. MGIC cut CEO Curt Culver's bonus by more than 40 percent to $743,300 while Genworth's Michael Fraizer was awarded a bonus of $750,000, or one third of his target. “Mr. McGee requested that no year-end bonus be paid to him for 2011,” Hartford said in the filing. “The independent directors determined that Mr. McGee would have otherwise received an incentive award, but they honored Mr. McGee's request and awarded no cash bonus.” Hartford reported bonuses of more than $600,000 for at least five executives. Chief Financial Officer Christopher Swift was awarded a bonus of $725,000 as his total compensation rose 2.7 percent to $3.75 million. McGee is selling and shutting down portions of Hartford's business as the company's biggest investor, John Paulson, presses the firm to split its life insurance and property- casualty units. McGee's plan to shrink the company has helped push Hartford to a 29 percent gain since Dec. 31 in New York trading. --Bloomberg News--

Latest News

Estate planning becomes a client retention issue for financial advisors, survey finds
Estate planning becomes a client retention issue for financial advisors, survey finds

Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.

Candidly adds AI agents for Trump Accounts, workplace benefits
Candidly adds AI agents for Trump Accounts, workplace benefits

CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.

BMO adds three advisors in Dallas amid Y'all Street wealth boom
BMO adds three advisors in Dallas amid Y'all Street wealth boom

The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.

UBS moves toward full-service US bank as plans to extend wealth business
UBS moves toward full-service US bank as plans to extend wealth business

Employee accounts, crypto trials and job cuts frame a pivotal year for the Swiss lender.

$5B broker-dealer NBC Securities has a new name after almost 30 years
$5B broker-dealer NBC Securities has a new name after almost 30 years

New name draws on founder's family history as consolidation reshapes the broker-dealer landscape.

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.