New regulations for bosses, pay and perks show total costs
Travelers said in a regulatory filing that it had raised chief executive officer Jay Fishman’s pay by 42% to $20.6m for 2009, compared with $14.5m in 2008, Bloomberg reports. His bonus rose 50% to $7.5m.
Fishman’s option awards were $7.13m in 2009, compared with about $3m a year earlier. His salary was unchanged at $1m. He was granted stock awards valued at $3.75m. The increase in value of his pension contributed about $526,000 and other compensation was more than $700,000.
Chief Financial Officer Jay Benet’s total compensation climbed to $6.03m from $4.89m in 2008. Chief operating officer Brian MacLean earned $7.31m in 2009 after making $5.64m a year earlier.
Blooomberg said: “The U.S. Securities and Exchange Commission has revised the way companies are required to calculate compensation to weigh more heavily options and grants in the year that they are awarded.
“Because of the change, some disclosures this year for 2008 pay may not match what the firms reported previously.”