The Hartford Financial Services Group's new chief executive could get as much as $8.2 million in compensation–slightly less than its former longtime CEO.
Liam E. McGee took over as chair and CEO on Oct. 1, replacing Ramani Ayer, who resigned from those positions on the same day and will officially retire on Nov. 1.
Outlined in a Securities and Exchange Commission filing, Mr. McGee:
o Will receive an annual cash base salary of $1.1 million and deferred stock units at an annual rate of $4.4 million.
o 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.
o After 2010, the long-term incentive award will be made at the discretion of the board of director's non-management members, and in consultation with the special master for the Troubled Asset Relief Program Executive Compensation.
The Hartford said Mr. McGee's agreement also contains non-competition, non-solicitation and confidentiality provisions.
Mr. McGee will be making slightly less than the CEO 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.
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