New York » Travelers Cos. gave its CEO a pay package worth $20.1 million last year, a 20 percent raise over his 2008 pay as the property and casualty insurer benefited from a conservative investment approach.
Over half Jay Fishman's pay package came from restricted stock and stock options, which totaled $10.9 million, compared to $10.2 million the previous year, according to an Associated Press analysis of a company filing with the Securities and Exchange Commission.
Fishman's base salary of $1 million did not change, but his performance-based cash bonus rose to $7.5 million, up 50 percent from $5 million in 2008.
His perks and other compensation also increased to $724,124, and included $506,959 in dividends, $82,505 for personal use of a company car and driver, $18,000 in professional fees associated with the negotiation of his contract, and $10,616 for personal security, according to the filing, which was made Wednesday.
Fishman, 57, has served as CEO since the April 2004 merger of The St. Paul Cos. with Travelers Property Casualty Corp. His total compensation in 2008 was calculated at $16.8 million.
In the final quarter of last year, the New York-based company said a rebound in its investment portfolios helped boost its profit by 60 percent. Its conservative investment approach helped minimize losses during the downturn, compared with rivals like American International Group Inc.
The Associated Press formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year.
It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, making the AP total different in most cases than the total reported by companies to the Securities and Exchange Commission.