Hartford CEO McGee’s Pay Up 58% to $17.7 Million As Stock Surges

By Zachary Tracer, Bloomberg | April 11, 2014

  • April 11, 2014 at 1:28 pm
    Libby says:
    Well-loved. Like or Dislike:
    Thumb up 36
    Thumb down 0

    I wonder how big of an increase all the other employees got…

    • April 11, 2014 at 5:40 pm
      Don't Call Me Shirley says:
      Well-loved. Like or Dislike:
      Thumb up 35
      Thumb down 1

      It sure wasn’t 58%. If he had only gotten 3%, it would have been approximately a $336,000 raise. For someone making 100K, that would be a $3,000 raise, so he would still be getting over 100 times the raise of the average employee (actually the average is likely less than 100K). But that’s not good enough; he has to get around 5.6M as a raise, or approximately 1,867 times as much of a raise as the somewhat above average employee. Did he do 1,867 times the amount of work? Did he even do 100 times the amount of work? Even if you look at the value of the work that he did do himself, there is still no way it could be worth 1,867 times the value of the work of the somewhat above average employees, without whom it wouldn’t have been possible. Who determined the raise? It wasn’t the “free market” that conservatives and rich people seem to always be touting; it was other rich crooks, stealing from the shareholders, the customers, and the employees.

  • April 11, 2014 at 1:29 pm
    DESi says:
    Well-loved. Like or Dislike:
    Thumb up 68
    Thumb down 1

    As the workforce that does the “gruntwork” for him has to deal with reduced benefits, reducing retirement allocations and more job insecurity than ever before, isn’t it heartwarming to see someone increase their income by $6 MILLION in one year by selling off assets!!! I find it to be utterly reprehensible that he can accept a 58% increase when doling out pitiful 1%, 2% 3% raises while increasing employee benefit costs well beyond that.

    • April 11, 2014 at 3:45 pm
      Agent says:
      Well-loved. Like or Dislike:
      Thumb up 28
      Thumb down 0

      So this former Bank of America dude who was in up to his eyeballs with the credit default swap makes drastic changes at Hartford, lops off 3,700 employees and sells some assets, also because of Hartford’s problems with the swaps and comes out smelling like a rose. I guess he must have gotten some of that money he saved in employees salaries and benefits.

      • April 11, 2014 at 5:28 pm
        Don't Call Me Shirley says:
        Well-loved. Like or Dislike:
        Thumb up 32
        Thumb down 2

        Yeah, he did all of that, all by himself, so he deserves all of that money. He also should get a tax cut, because he’s a job creator. He created -3,700 jobs. What a great guy. What a great American!

      • April 14, 2014 at 12:39 pm
        Libby says:
        Like or Dislike:
        Thumb up 8
        Thumb down 8

        I thought you’d be applauding him, Agent. After all, he’s the Boss, so he’s entitled to all the spoils. Right?

        • April 16, 2014 at 1:11 pm
          Agent says:
          Like or Dislike:
          Thumb up 7
          Thumb down 6

          Libby, I am surprised you don’t criticize the President for taking $ 4 million vacations at our expense, living like royalty, raising taxes ad nauseum on the folks and playing give a way with our taxes to the tune of $400,000,000 more than he takes in. Is it a good thing to borrow $.40 of every tax dollar to fund this outlaw government? If Hartford is stupid enough to pay this guy the kind of money they do, they are the ones who will fail. Obama is causing the entire country to fail.

          • April 16, 2014 at 2:23 pm
            Libby says:
            Like or Dislike:
            Thumb up 3
            Thumb down 6

            Oh, brother. Here comes Chicken Little again. Obama isn’t doing anything every other American president hasn’t done. Get over it. You only have 2 more years to go. What, pray tell, will you bitch about then non-stop?

        • April 16, 2014 at 2:46 pm
          Agent says:
          Like or Dislike:
          Thumb up 4
          Thumb down 4

          Oh brother, you started it Libby. You cannot criticize your choice for President on anything can you? Voted for him twice and you think you are smart. I think all that Colorado weed reduced your ability to think. You admitted to voting for Reagan in your younger years and then the weed corrupted your brain and destroyed no telling how many million brain cells.

  • April 11, 2014 at 1:48 pm
    MadDog says:
    Like or Dislike:
    Thumb up 5
    Thumb down 3

    Hartford has an antiquated policy issuance system as well. Why not upgrade that? This said, even though I believe Hartford to be one of the best construction insurance companies out there.

    • April 11, 2014 at 8:34 pm
      Gennie K says:
      Like or Dislike:
      Thumb up 1
      Thumb down 0

      I don’t believe you know much about The Hartford Mr MadDog, Hartford has the best technology for issuing policies in the industry and not the best for construction – you are definitely confused with another company

    • April 17, 2014 at 10:18 am
      FFA says:
      Like or Dislike:
      Thumb up 4
      Thumb down 0

      Construction???? Only trades they like in IL are Landscapers and they better not plow snow.

      • May 17, 2014 at 9:09 pm
        GennieK says:
        Like or Dislike:
        Thumb up 0
        Thumb down 0

        FFA – totally agree with you! The construction appetite is very limited with Hartford, and really limited to work comp only in terms of pricing competitiveness. MadDog is very confused

  • April 11, 2014 at 5:45 pm
    Baxtor says:
    Well-loved. Like or Dislike:
    Thumb up 12
    Thumb down 0

    The question is how much money did the board of directors get? He probably approved them getting a big raise as well, so one hand washed the other. They maybe first in line now, but wait until judgement day. How will they explain the raises after letting employees go and allowing some to have to work two jobs?

  • April 13, 2014 at 3:05 pm
    The Hartford Employee says:
    Well-loved. Like or Dislike:
    Thumb up 50
    Thumb down 0

    This is unbelievable. I work at The Hartford and based on my review I did an outstanding job in 2013 and only got a 2.5% raise. I was told that I was lucky to get that much because there was not enough money for increases. I know now where the money went. SMH

    • April 14, 2014 at 12:18 pm
      Don't Call Me Shirley says:
      Well-loved. Like or Dislike:
      Thumb up 12
      Thumb down 0

      And to think, a 2.5% raise for him would only have been a measly $280,000. That’s not enough! How would he survive?

  • April 14, 2014 at 8:44 am
    MadDog says:
    Like or Dislike:
    Thumb up 2
    Thumb down 0

    Gennie: I do know what I’m talking about. I write construction business with the Hartford and they have done right by my clients. Rates, coverage and service – all three. They like the big risks – admittedly, I understand they’re not as competitive on middle market accounts, but I don’t write those.

    • May 17, 2014 at 9:07 pm
      GennieK says:
      Like or Dislike:
      Thumb up 0
      Thumb down 0

      MadDog – I work for The Hartford, the actual company. We just spent millions upgrading the quoting system, so to say it needs to be upgraded is very unusual for someone who does business with the company. Your comments are very confusing, you really are confused. Hartford does not like small construction, however they do like large construction. You must be thinking of another ‘H’ company

  • April 14, 2014 at 10:32 am
    KY jw says:
    Well-loved. Like or Dislike:
    Thumb up 13
    Thumb down 0

    Why is he paid so much? Is he really worth that much to Hartford? I cannot conceive of anyone being worth that much to their company.

  • April 14, 2014 at 10:45 am
    Copperpipes says:
    Well-loved. Like or Dislike:
    Thumb up 35
    Thumb down 0

    Well, one thing’s for sure, he’s going to leave here one day just like the rest of us…….and guess what? He’s not taking anything with him. Another fine example of corporate greed – the downfall of our country. The hardworking people of this country can’t make ends meet, insurance premiums keep going up, up, up, and the companies claim they have to take the increases because there’s no money. This country’s governments have no money, businesses have no money, everything’s broke because the “higher ups” are milking the entire system, and living like royalty. It makes me nauseous!!!

    • April 14, 2014 at 11:45 am
      Libby says:
      Like or Dislike:
      Thumb up 6
      Thumb down 4

      Ditto! Comrades, revolt!!!

    • April 14, 2014 at 12:21 pm
      Don't Call Me Shirley says:
      Like or Dislike:
      Thumb up 9
      Thumb down 3

      That’s kind of like what spurred the French Revolution, as well as other revolutions. When will they learn from history, instead of repeating it?

      • April 17, 2014 at 4:23 pm
        Agent says:
        Like or Dislike:
        Thumb up 3
        Thumb down 1

        What revolution did Stalin have when he murdered 60 million Russians. How about Mao Tse Tung? I think he has the record of 100 million Chinese.

      • April 17, 2014 at 6:49 pm
        FFA says:
        Like or Dislike:
        Thumb up 2
        Thumb down 0

        Not as long as Illinois breeds politicians.

    • April 14, 2014 at 12:37 pm
      Libby says:
      Well-loved. Like or Dislike:
      Thumb up 26
      Thumb down 4

      Never. Greed and avarice know no bounds. There will always be those that believe they are above the law and are entitled to great wealth at the expense of others.

      This is the true entitlement problem in America today.

      • April 14, 2014 at 1:56 pm
        Don't Call Me Shirley says:
        Like or Dislike:
        Thumb up 8
        Thumb down 2

        Well, as long as we don’t give any money to feed hungry kids, it’s ok.

  • April 16, 2014 at 11:56 am
    Hater-ville says:
    Like or Dislike:
    Thumb up 5
    Thumb down 4

    Well, it’s obvious he is worth the money as the Hartford directors clearly don’t want him to leave and are paying him as such. I’m having a tough time with these posts… All this talk about income disparity and corporate greed make my stomach turn. Maybe consider spending less time complaining and more time improving yourself so you become too valuable for your employer to let you walk. Build a reputation in your field, so they believe you actually can and will walk for better terms.

    Your comments here about social justice just smack of bitterness and jealousy. I guess I just feel sorry for you and the inference that you don’t possess the skills/talents/drive to have this kind of copy written about you in the future. I wonder how many of the haters here dug into this and researched the reasons behind why the workforce has been reduced (through sale of product lines/divisions?) and why it was necessary to return to their core insurance ops? Admittedly, I haven’t, but I’m also not lobbing stones either.

    This reminds me all too much of a conversation I just held last night with my 6 year-old concerning his buddy’s vast assortment of Power Ranger figurines. Maybe I should meet with those parents to discuss how we might redistribute them for better overall hapiness? Wonder how that would go…

    • April 16, 2014 at 1:40 pm
      Puzzled in PA says:
      Like or Dislike:
      Thumb up 5
      Thumb down 2

      It’s hard to consider a Power Ranger’s collection for a 6-year old versus 3,700 lost jobs, pitiful salary increases for hard-working employees and uncontrolled rich corporate greed. Your comments are an insult to the people who do just as you suggest, build their talents, work hard to support families through all types of situations, pay for college, etc. How much more does one person need when so many are getting so little? Is anyone worth a $17.7 million salary package? Mr. McGee is, no doubt, a talented administrator but he is overhead, not production. The production people who carry out his orders day in and day out deserve better.

      • April 16, 2014 at 2:31 pm
        Libby says:
        Like or Dislike:
        Thumb up 4
        Thumb down 0

        Thanks, PA. I couldn’t have said it better. Hater-ville, it’s one thing to work hard and be rewarded. It’s another thing to work hard, take all the credit, rob all the hard working employees that helped you accomplish your feats, and ride off into the sunset in a wake of personal tragedy and destruction.

        If he were any kind of shining star, he would have taken a portion of that increase and given it back to the very people that made it possible in the first place. That, my friend, would show true leadership. That’s a man I would admire and want to work even harder for. Too bad, it’s the American way to grab as much for yourself and to hell with the other guy because he just wasnt’ smart enough or talented enough to get it for himself. You’ve got to be kidding me. We can’t all be the CEO, pal. That, in no way, diminishes our contributions and worth. You are obviously very young, so I’ll let you off easy.

  • April 16, 2014 at 11:57 am
    Hater-ville says:
    Like or Dislike:
    Thumb up 0
    Thumb down 4

    Well, it’s obvious he is worth the money as the Hartford directors clearly doesn’t want him to leave and are paying him as such. I’m having a tough time with these posts… All this talk about income disparity and corporate greed make my stomach turn. Maybe consider spending less time complaining and more time improving yourself so you become too valuable for your employer to let you walk in the future. Build a reputation in your field, so they believe you actually can and will walk for better terms. Your comments here about social justice just smack of bitterness and jealousy. I guess I just feel sorry for you and the inference that you don’t possess the skills/talents/drive/contacts to have this kind of copy written about you in the future. I wonder how many of your dug into this and researched the reasons behind why the workforce has been reduced (through sale of product lines/divisions) and why it was necessary to return to their core insurance ops? Admittedly, I haven’t, but I’m also not lobbing stones either.

  • April 17, 2014 at 10:31 am
    FFA says:
    Like or Dislike:
    Thumb up 3
    Thumb down 0

    If I recall correctly, the sale of assets / divisions was forced by stock holders. I seem to recall the top dog was not in favor.

    If Hartford needed them 3700 employees to manage the division that was sold off, dont you think that maybe there were 3700 jobs needed to service that business? Just because they are no longer employed by Hartford does not mean they are unemployed. If it took Hartford 3700 people to manage the sold off division, logic would dictate that the acquiring company also need the same number.

    • April 17, 2014 at 4:25 pm
      Agent says:
      Like or Dislike:
      Thumb up 3
      Thumb down 1

      FFA, I don’t think anyone was held accountable for the AIG fiasco. They got their $182 Billion bailout and no one went to jail.

    • April 21, 2014 at 11:13 am
      Libby says:
      Like or Dislike:
      Thumb up 0
      Thumb down 0

      Not necessarily, FFA. There are economies of scale when acquiring an operation. Not to mention the new owner can pay them half what they were making with the Hartford because they all need a job. Trust me, this hurt people.

  • April 20, 2014 at 11:20 am
    Renoscs says:
    Like or Dislike:
    Thumb up 3
    Thumb down 0

    I have a friend that used to work for The Hartford and he said they were the worst carrier he ever worked for, insofar as how they treated the average employee!! When he left, they dragged their feet for his final pay check for two weeks longer than they were supposed to. He said that if The Hartford owed an employee money and they could hold on to this money for an hour longer, they would!!



Add a Comment

Your email address will not be published. Required fields are marked *

*

More News
More News Features