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What's Good for the Goose
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Business New Haven
3/31/2003
By: BNH
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In a memo to employees, insurance giant Cigna Corp. announced that it would delay employees' raises for a month to cut costs.
The Philadelphia-based company, which has major Hartford operations, told workers their annual April raises will be postponed until their May 8 paychecks "to save some costs that we can invest elsewhere in the business."
One area of Cigna business that soaks up quite a bit of capital is executive compensation. Last year Cigna CEO H. Edward Hanway made nearly $6 million and received a $6.7 million bonus for the three-year period ending with 2001. As part of his $6 million package, Hanway received $1.05 million in restricted stock.
No one on the Cigna board, apparently, has suggested that Hanway wait until May to get his money.
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