Travelers CEO Jay Fishman’s Compensation Up 37 Percent Last Year To $29.9 Million

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The Travelers Cos. Chairman and CEO Jay S. Fishman was compensated a total of $29.9 million last year, a 37 percent increase over the year before, according to documents filed Thursday with the U.S. Securities and Exchange Commission.

In 2011, Fishman’s pay package totaled $21.9 million, not including stock-and-option awards which have a future value, and also not including growth in his pension fund.

Last year, Fishman had a total compensation comprising: $1 million in a base salary, $6.5 million in non-equity incentive pay, $105,605 in “other compensation” and $22.3 million in value realized on exercising options and on stocks vested. Separately last year, Fishman received $4.5 million stock awards and $3 million in stock options for which he will receive value in future years. Also in 2012, the value of Fishman’s pension and other deferred compensation increased by $623,455.

Chief Financial Officer Jay S. Benet was compensated $7.1 million, not including $2 million in stock-and-option awards that have a future value and depend on the company’s performance.

President and Chief Operating Officer Brian W. MacLean was compensated $6.97 million, not including $2.25 million in stock-and-option awards that have a future value and depend on the company’s performance.

Chief Investment Officer William H. Heyman was compensated $9.1 million, not including $2 million in stock-and-option awards that have a future value and depend on the company’s performance.

Chief Legal Officer and Vice Chairman of Financial, Professional & International Insurance and Field Management, Alan D. Schnitzer, was compensated $5.4 million, not including $2 million in stock-and-option awards that have a future value and depend on the company’s performance.

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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23 thoughts on “Travelers CEO Jay Fishman’s Compensation Up 37 Percent Last Year To $29.9 Million

    1. Ken Krayeske

      Because $29.8 million just isn’t enough, what with the yacht and the nanny and the hot tub and the houses in Montana and California and Florida and St. Maarten (or is it in Nevis)… I mean, who can live on $29.8 million a year? Can you imagine that some people – billions, in fact, live on less than $2 a day? Hard to believe, I know, the rich just have it so difficult. Nobody knows the troubles they’ve seen.

  1. Kristen

    So lets see….. he gets a 37% pay raise because the premiums for insurance have also increased 37%, this is ridiculous, Totally insane he gets paid that much money. it seriously pisses me off!!

  2. Satchmo

    It looks like most of his pay was tied to company performance. $6.5 million in non equity incentive pay, which I read as earned income (not stock) based upon the company hitting certain milestones or performance benchmarks, and $22 million or so in stock options exercised (which only create income if the value of the stock option when exercised is greater than the value of the stock options when they were granted in previous years) and vested stock, which likely was part of a bonus in previous years, but he only receives it if he stayed with the company a certain amount of time after they were granted, my guess is 3 years. Not to say this isn’t a huge amount of cash, but perhaps it’s a bit more “earned” than it sounds when you say $29.9 million, up 37%. The company has done well, and the stock has gone up, so it likely made sense to exercise a bunch of options in this particular year when the stock was up. Also, with capital gains and other taxes associated with it expected to go up in 2013, I’m sure it made sense to pay the capital gains rates in place in 2012, rather than wait until 2013 and beyond – thus an income increase because it made sense to exercise the options he’d been accumulating in 2012.

    1. Joanie W.

      Then how did he make Mega Millions when the stock didn’t move for 10 years..riddle me that.

  3. Hugh Janus

    I have worked at an insurance co for 15 years. My total increase percentages do not total this clowns single year increase.

  4. cathy

    In the meantime, the average working slob has enjoyed a whopping $59.00 increase in wages over the last 10 years.
    Hope these richsters choke on all their filthy lucre.

  5. Mark

    This is a private business which can pay their people anything it sees fit. If the stock holders do not like it they can change it. If you do not like it then do not buy Travelers products. It amazes me how some cry baby people think that they know how much a private company should pay their people. The free market will decide. Why the Courant feels the need to publish the salaries of corporate executives is questionable. Sounds like an attempt at class warfare.

    1. hugh Janus

      The salary is public information. Why should the company pay this guy that much money though and then pay call center reps $25k a year with scheduled bathroom breaks. I mean honestly, did this guy find a cure for a bad disease. Nope. I don’t use travelers or any CT based insurance companies for anything. The cycle will never end…..The rich get richer. I am working poor.

  6. Brian Bisaillon

    they are smart enough to attach the pay to company performance because they know, he will slash jobs in the guise of efficiency. After the market crash and companies got “lean” they realized they could do the work with much less people. It didn’t matter if the people are constantly stressed and burn out easily because they can be replaced with new people that are paid less. they count on us fighting amongst each other and calling one person rich, while somebody else is called lazy. If we fight each other, then nobody ever stands up to do anything about it. Executive pay has grown so far out of proportion, and is earned by cutting jobs and sending American jobs overseas.

  7. hugh Janus

    let me take a wild guess. Jay Fishsmell lives in Avon, Simsbury, farmington, glastonbury or West Hartford. Drives a Mercedes. Wears $300 shirts on the weekend. And smells like that new cologne Dou Che. When this entire state is filled with only CEOs, there will be zero common sense here. They won’t be able to figure out how to put gas in their ‘high end’ cars by themselves.

    1. Mark

      You better hope this state can retain it’s wealthy CEO’s. Since those making more than $250,000 pay half of all state income taxes. Those making more than $100,000 pay 80% of all state income taxes. If they are unable to pump gas the gas station attendant hired should thank that guy in the :high end car” every fill up for his job. Since the successful residents are paying 80% of the burden and by the way using much less of the state services we should thank them and encourage more to take up residence. Not tax them out of the state where some decide to relocate the jobs they have created.

      1. Hugh Janus

        yeah, I will thank a CEO……right after I go play with rattlesnakes. It doesn’t matter if we tax them out of this state….most are not from CT anyway. The salary gaps here are really nuts and it seems really off balance.

  8. Bill

    It is sad to think a person could work 40 years for a company and never make even 1 million. After all the losses from hurricanes last year they still had a banner year? Is that possible? I guess so. My relative has worked for United Healthcare 15 years with great sucess and he was told he is getting laid off because they are outsoursing his job to the Philippenes. I wish there would be an insurance company that kept jobs in America and paid it’s management a salary closer to the workers pay. Like 20 yimes their income. That company would get my business.

  9. Jay

    Mr. Fishman has earned every penny he is paid. He has made numerous decisions that ultimately drove up shareholder value. He has hired competent senior management that have executed on his plans.
    Those of us that believe in him and his company have made huge returns on our investments.

    Way to go Mr. Fishman

  10. joe kiernan

    The comments on this website about compensation are a great reminder why I am happy to have moved out of Ct years ago.

  11. joe kiernan

    The comments made by these yahoos on executive compensation is a great reminder of why I am so happy I moved out of Ct years ago.

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