Former Travelers CEO Compensated $29.6M In 2015

April 02--Jay Fishman, executive chairman and former CEO of The Travelers Cos., received $29.6 million in compensation last year, according to a filing Friday with the Securities and Exchange Commission.

In 2014, he received $30.3 million.

Fishman, who stepped down as CEO Nov. 30, 2015, was paid a $1 million salary. He also received a $7.1 million bonus, $10.5 million in value by exercising stock options and realized $10.8 million in value when previously awarded Travelers shares vested. Fishman's benefits, such as the use of a car and security, were worth $210,349.

He received restricted stock valued at $6.6 million and stock options worth $4.4 million. The ultimate value of those will be determined when the stocks vest and the options are exercised.

The Courant calculates compensation as the sum of salary, bonuses, value gained on the exercise of stock options and the vesting of stock awards, plus the value of benefits listed as other compensation.

New CEO Alan Schnitzer received $13.8 million in compensation, including $853,448 in salary, a $3.25 million bonus, $6.3 million in value realized when he exercised stock options and $2.7 million realized when stocks vested.

The compensation committee said it aims to pay its top officers in the top quartile of comparable companies, such as The Hartford, Aetna, Cigna and others, because its return on equity and other measures of financial performance are superior.

The filing included compensation for other Travelers executives:

Chief Financial Officer Jay Benet was compensated $16.5 million, not including $2.63 million in stock-and-option awards that will provide value in the future and depend on the company's performance.

Chief Operating Officer Brian MacLean was compensated $11.2 million, not including $3.24 million in stock-and-option awards.

Chief Investment Officer William Heyman was compensated $12.9 million, not including $2.63 million in stock-and-option awards.

Doreen Spadorcia, vice chairman of technology, claim services, operations and risk control and CEO of personal insurance and bond & specialty insurance, was compensated $6.3 million, not including $2.63 million in stock-and-option awards.

Travelers, which has its headquarters in New York, employs about 7,300 people in Connecticut, including employees at its campus in downtown Hartford.

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