NU Online News Service, Oct. 6, 2:45 p.m. EDT

The Hartford Financial Services Group Inc.'s new chief executive could get as much as $8.2 million in compensation, slightly less than its former longtime CEO, who resigned from the posts last week.

Liam E. McGee took over as chairman and CEO Oct. 1, replacing Ramani Ayer. Mr. Ayer resigned from those positions on the same day and will officially retire come Nov. 1 after a period of transition.

Outlined in a Securities and Exchange Commission filing, Mr. McGee, 55, will receive an annual cash base salary of $1.1 million and deferred stock units at an annual rate of $4.4 million. In 2010 he will receive $2.7 million in the form of restricted stock as part of the company's long-term incentive award program.

After 2010, the long-term incentive award will be made at the discretion of the board of director's nonmanagement members and in consultation with the special master for the Troubled Asset Relief Program (TARP) Executive Compensation.

The Hartford said that Mr. McGee's agreement also contains noncompetition, nonsolicitation and confidentiality provisions.

Mr. McGee will be making slightly less than the chief executive he replaces, at least in base pay. According to an SEC filing in April, Mr. Ayer received a base salary of $1.15 million and had a target earning in incentive compensation totaling $9 million.

The Hartford, however, did not fair well in 2008 and Mr. Ayer's compensation reflected this, as he received total compensation of $4.47 million, down from the previous year's $15.8 million. His projected compensation was put at $9 million for the year.

Mr. McGee joined the Hartford, Conn.-based insurer from Bank of America Corp., where he was president of the Consumer and Small Business Bank for the company.

Weakened by the recession, the Hartford accepted help from the TARP program in May, totaling $3.4 billion after reporting a first-quarter net loss of $1.2 billion and $2.7 billion loss for all of 2008. The company also received $2.5 billion investment by European insurer Allianz in October 2008.

Special Reports /

New Hartford CEO Pay Could Reach $8.2M

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