Cigna CEO’s Pay Package Last Year More Than Quadrupled 2012

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Cigna Corp. CEO David M. Cordani’s compensation last year was 4.5 times the amount he received in 2012, according to an annual notice of executive compensation filed Friday with the U.S. Securities and Exchange Commission.

Cordani’s compensation was $17.76 million last year, not including $9 million in stock and stock options for which he will receive value in future years. The ultimate value of options will depend on how well the company’s stock performs.

Cordani’s total pay received includes $1 million in salary, $2.16 million in incentive-plan compensation, $3.25 million in value realized upon exercising previously granted options, $11.16 million in value realized upon stocks vesting and $152,509 in “other compensation.”

Chief Financial Officer Thomas A. McCarthy’s pay package last year was $3.87 million, not including stock awards of $1.84 million and option awards of $224,416.

In May, Cigna announced that McCarthy, a former vice president of finance, would become the chief financial officer, succeeding Ralph J. Nicoletti, who “elected to leave the company for personal reasons,” according to the company.

Nicoletti was compensated $2.9 million, not including $1.3 million in stock awards and $872,692 in option awards.

Cigna-HealthSpring President Herbert A. Fritch had a pay package of $6.25 million, not including $1.23 million in stock awards and $831,144 in option awards.

General Counsel Nicole S. Jones was compensated $2.4 million, not including $1 million in stock awards and $676,556 in option awards.

President of Regional Operations, Matthew G. Manders, was compensated $7.29 million, not including $1.13 million in stock awards and $761,870 option awards.

About Matthew Sturdevant

Full-time staff journalist at The Hartford Courant and magazine freelancer with a master's degree in writing from Dartmouth. My work has appeared in The Los Angeles Times, The Chicago Tribune, Taiwan News, The Baltimore Sun and many other news sources. My blog has been referenced by Politico.com, the Kaiser Family Foundation, the Georgetown Law Library and a number of organizations in healthcare and business. Sturdevant’s blog is "a well-written wealth of ideas," said The Donald W. Reynolds National Center for Business Journalism, (businessjournalism.org, May 18, 2011). I have experience writing for newspapers, magazines, Web sites and blogs as well as shooting and editing video. I made regular appearances on news-talk radio and on the NBC affiliate station in Corpus Christi, Texas. I made occasional appearances on the Fox affiliate in Connecticut promoting Hartford Courant articles.

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