By Erik Holm
Marsh & McLennan Cos. (MMC) gave outgoing chief executive
Brian Duperreault a $17 million pay package last year, a 17%
increase from 2011, according to the company's annual proxy
released Friday.
Mr. Duperreault's compensation included a $1 million salary,
stock and option awards of $10 million, and a $5 million bonus. It
also included the personal use of the company's corporate jet,
valued at $441,875.
The insurance brokerage said incoming CEO Daniel Glaser was in
line to get a salary of $1.4 million this year. His annual bonus
target was set at $2.8 million and a long-term incentive award
target was $7.8 million. Personal air-travel expenses are capped at
$100,000, the company said.
For 2012, Mr. Glaser's pay package rose 3% to $10.2 million, the
filing said. Before taking over as CEO at the start of 2013, he was
Marsh & McLennan's president and chief operating officer.
Mr. Duperreault, a longtime insurance executive who ran Marsh
& McLennan for five years, stepped down at the end of 2012. The
proxy said his pay increase was based in part on the company's
financial performance for the year, his work in positioning the
company for future growth, and the "successful transition of CEO
responsibilities" to Mr. Glaser.
Marsh & McLennan's biggest rival is Aon Plc (AON). Aon CEO
Gregory Case got a 2012 pay package of $12.7 million, and has in
the past earned more than $20 million in a single year.
Annual compensation figures provided by each company are
calculated using a formula mandated by the Securities and Exchange
Commission.
-Write to Erik Holm at erik.holm@dowjones.com
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