Tracking CEO Pay for Connecticut, Company-By-Company
By Dan Haar
'Tis the season to be angry -- if you're following reports of 2013 CEO pay from publicly traded companies, which come out this time of year as part of shareholder proxy forms. This blog post compiles the reports in one place.
You may believe these guys -- and a woman or two -- are worth all these millions. After all, they're often the best managers and they all work their butts off. You may believe their pay is the result of a free market. (You would be wrong, it's cronyism, subsidized by the taxpayers). And you may believe they care what you think.
Whatever you believe, it's hard not to see many of these paydays as a national disgrace.
Check back often as I update the listing throughout proxy season, with links to stories in The Courant and other news outlets.
Nolan Archibald, the former Stanley Black & Decker chairman, hauled in $123 million in 2013, one of the biggest payoffs in U.S. corporate history, and perhaps the biggest ever for a takeover ransom. The money was part of his 2010 deal to sell Black & Decker to Stanley.
At UTC, Louis Chênevert's 2013 package jumps by 26 percent to $24.7 million, and it's a good thing -- since his CFO, Greg Hayes, cracked $20 million.
Stanley CEO John F. Lundgren collected $28.6 million, a typical year for this cost-conscious, aggressive acquirer. (Same story as above by my colleague Brian Dowling.)
Most of the insurers have yet to report but The Courant's Matt Sturdevant will be on the case when they do.
Kaman's Neal J. Keating sees his pay drop to $2.5 million, but he'll really get closer to $4.9 million for 2013, when all is said and done.
Webster Bank's Jim Smith endures a pay decline to $2.4 million, with no exercise of options of vesting of shares. Ousted president Jerry Plush earned $3.2 million.
At People's United Bank, Jack Barnes gains a $3.6 million package, an increase driven by vesting shares.
General Electric's Jeffrey Immelt received sharply less in 2013, for a package totaling $11.3 million.
Hospitals aren't public companies but the state compiles salary data for them, later in the year. Since hospital finances and layoffs are so much in the news, here's last year's story showing 18 Connecticut hospital executives pulling in at least $1 million in the prior year. We're eager for an update.