WSJ: MetLife Gives 'Special' Compensation To Wheeler, Mullaney
March 23 2011 - 6:16PM
Dow Jones News
MetLife Inc. (MET) approved "special" compensation to retain two
of its most senior executives, following Monday's announcement of a
succession plan for the top job, which bypassed them.
The awards go to William J. Wheeler, the global insurer's chief
financial officer, and to William J. Mullaney, president of its big
U.S. business, after the company named Steven A. Kandarian, its
chief investment officer, as its next president and chief
executive.
Each of the two executives was awarded 37,500 performance
shares, which at Wednesday's closing price of $44.35 would be worth
nearly $1.7 million. The executives could receive up to 200% of the
grant at the end of a three-year performance period beginning Jan.
1, 2011. They each also received 112,500 stock options with an
exercise price of $44.59, the closing price of the stock on March
21.
The two executives are highly regarded on Wall Street, and some
analysts and investors had been wondering whether either or both
might depart as their colleague got the nod to the top job.
Kandarian, 59 years old, will assume his new posts on May 1 of
this year. He will succeed C. Robert Henrikson, who in 2012 will
reach the company's executive-management mandatory-retirement age
of 65.
Because Kandarian will face the same mandatory retirement age in
six years, that leaves time for Wheeler, 49, or Mullaney, 51, to
ultimately succeed him.
Wheeler has been with the company for 14 years; Mullaney, nearly
30 years. The company said the special grants were approved "in
recognition of the critical nature of their roles at the company
and to encourage them to continue at the company providing a high
level of performance."
-By Leslie Scism, The Wall Street Journal; 212-416-3223;
leslie.scism@wsj.com
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