MassMutual CEO Roger Crandall’s pay rises to $18 million on ‘special award’

Massachusetts Mutual Life Insurance Co. chairman and CEO Roger Crandall received a 15% hike in his compensation last year, as the insurer gave him a “special award” meant in part to keep him from leaving the company.

Crandall earned $18.1 million in total compensation in 2019, according to a disclosure statement recently posted to MassMutual’s website. That includes $10 million in long-term incentive awards, similar to stock options at a publicly traded company. Those won’t be paid out for years.

But last year, Crandall received an additional $2 million as a “special award” that's similar in nature to the long-term incentives, the filing said. While the filing did not identify the reason for that award, a MassMutual spokeswoman said in an email it was granted “to drive retention and incentivize behavior to increase earnings and policyowner value over the long term.”

Crandall’s annual bonus came in at $4.3 million, up from $4 million in 2018. The bonus has steadily increased: Five years ago, his bonus was just $1.54 million.

Earlier this week, MassMutual reported what it described as “excellent” financial results for 2019, saying that total sales through its U.S. insurance and retirement operations increased by 15% year-over-year. After accounting for items such as policyowner dividends, MassMutual’s net income was also up significantly, it said.

Overall revenue was essentially flat year-over-year, at $31.9 billion.

Springfield-based MassMutual is bulking up its presence in Boston, with a plan to open a new, 300,000-square-foot building in the Seaport District next year.

Crandall was not the only executive to receive a “special award.” MassMutual Chief Financial Officer Elizabeth Chicares and Chief Investment Officer Timothy Corbett were given awards of $1.45 million and $1.28 million, respectively.

This article originally appeared on the Boston Business Journal’s website.

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