Cigna Corp. chief executive David Cordani earned slightly less in 2009 than the year before at the health insurer whose national claims center is in Bloomfield, according to an Associated Press calculation of figures disclosed in a regulatory filing.
Meanwhile, retired CEO H. Edward Hanway, whom Cordani succeeded last Christmas Day, earned $14.6 million in 2009, his last year on the job, the Securities and Exchange Commission filing showed. That was up 28 percent from 2008, as the Philadelphia company awarded him larger bonuses.
Cordani’s total compensation decreased in 2009 to $6.5 million from $7 million in 2008, when he was still chief operating officer.
Cordani’s salary rose to about $751,000 in 2009 from $702,000 the year before. He received a $4.9 million performance-based cash bonus, compared with $1.6 million the previous year. But he received stock-based awards valued at only $811,000 when they were granted, compared with similar awards of $4.7 million the year before.
The stock and options were granted to Cordani on March 4, well before he was promoted to CEO.
The value of his other compensation rose to around $27,000 from $17,000.
Hanway last year received a performance-based cash bonus of $11.4 million, up from $6.7 million in 2008. His base salary grew to $1.2 million from $1.1 million.
Hanway also was granted stock-based awards valued at $1.8 million on the day they were granted. He received similar awards of $3.6 million the year before.
His other compensation rose to $220,000 from $22,000 after Cigna donated $200,000 to charity in honor of his retirement.
In 2008, Hanway’s total compensation was $11.4 million. Hanway lead the Philadelphia insurer for almost 10 years before his retirement.
