<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>Manulife CEO to get $19m for 5 months' work
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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->TORONTO: - Manulife Financial will pay outgoing chief executive (CEO) Dominic D'Alessandro US$12.5 million (S$18.8 million) for less than six months of work this year, following a year in which its stock price nearly halved.
The Canadian insurer said in its proxy circular filed with regulators on Thursday that its board decided last August to make the payout, in part to recognise his 'extraordinary performance' and to 'convey the board's appreciation for the strong leadership D'Alessandro provided' after becoming CEO in 1994.
Mr D'Alessandro, who is set to step down in May, will receive US$2.5 million of his compensation for this year in cash, with the remainder in the form of restricted stock units.
The circular said he received total compensation of almost C$13.3 million (S$16.3 million) last year and nearly C$17 million in 2007.
He helped to build Manulife into one of North America's largest life insurers.
But the Toronto-based company, which has operations in the United States and Asia, was hit hard by the global financial crisis.
Manulife said last month that it lost C$1.87 billion in the fourth quarter ended Dec 31, its first quarterly loss as a public company.
Sinking equity markets forced it to hike reserves to cover investment guarantees linked to some of its products.
The loss was partly the result of management's decision to not hedge its stock market exposure.
Both Moody's and Standard and Poor's have since cut their ratings on the insurer. REUTERS
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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->TORONTO: - Manulife Financial will pay outgoing chief executive (CEO) Dominic D'Alessandro US$12.5 million (S$18.8 million) for less than six months of work this year, following a year in which its stock price nearly halved.
The Canadian insurer said in its proxy circular filed with regulators on Thursday that its board decided last August to make the payout, in part to recognise his 'extraordinary performance' and to 'convey the board's appreciation for the strong leadership D'Alessandro provided' after becoming CEO in 1994.
Mr D'Alessandro, who is set to step down in May, will receive US$2.5 million of his compensation for this year in cash, with the remainder in the form of restricted stock units.
The circular said he received total compensation of almost C$13.3 million (S$16.3 million) last year and nearly C$17 million in 2007.
He helped to build Manulife into one of North America's largest life insurers.
But the Toronto-based company, which has operations in the United States and Asia, was hit hard by the global financial crisis.
Manulife said last month that it lost C$1.87 billion in the fourth quarter ended Dec 31, its first quarterly loss as a public company.
Sinking equity markets forced it to hike reserves to cover investment guarantees linked to some of its products.
The loss was partly the result of management's decision to not hedge its stock market exposure.
Both Moody's and Standard and Poor's have since cut their ratings on the insurer. REUTERS
