David Cordani - 2009 Insurance CEO Compensation


David Cordani - Cigna (NYSE: CI)

Total 2009 Compensation: $6,593,921

Compensation breakdown:

  • Base salary of $750,961
  • Option awards of $811,275
  • Non-equity incentive plan compensation worth $4,948,750
  • Change in pension value and nonqualified deferred compensation worth $55,508
  • "Other compensation" including use of a corporate aircraft, personal use of corporate vehicles and company matching contributions for a 401(k) plan valued at $27,427

The skinny:

Cordani's $6.6 million compensation package equaled five-tenths of 1 percent of his company's $1.3 billion net income, as reported in the company's 2009 annual report. His salary for 2010 will likely be higher, considering he took over for recently retired CEO H. Edward Hanway, who earned $18.8 million in 2009, which included $11.4 million in performance bonuses and a $4.3 million change in pension value and nonqualified deferred compensation earnings. 

The majority of Cordani's 2009 salary, which decreased by roughly $500,000 from 2008, could be attributed to performance bonuses--$4.9 million worth. His option awards took a much more significant nosedive, falling from $4.7 million in 2008 to just $811,275 last year. 

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