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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