Cigna Corp. CEO David M. Cordani's compensation last year was 4.5 times the amount he received the year before, according to an annual notice of executive compensation filed Friday with the U.S. Securities and Exchange Commission.
He received $3.97 million in 2012.
Cordani's compensation was $17.76 million last year, not including in stock and stock options for which he will receive value in future years. The stock and options were valued at $9 million, but their ultimate value will depend on how well the company's stock performs.
Cordani's total pay received includes $1 million in salary, $2.16 million in incentive-plan compensation, $3.25 million in value realized upon exercising previously granted options, $11.16 million in value realized upon stocks vesting and $152,509 in "other compensation."
Chief Financial Officer Thomas A. McCarthy's pay package last year was $3.87 million, not including stock awards of $1.84 million and option awards of $224,416.
In May, Cigna announced that McCarthy, a former vice president of finance, would become the chief financial officer, succeeding Ralph J. Nicoletti, who "elected to leave the company for personal reasons," according to the company.
Nicoletti was compensated $2.9 million, not including $1.3 million in stock awards and $872,692 in option awards.
Cigna-HealthSpring President Herbert A. Fritch had a pay package of $6.25 million, not including $1.23 million in stock awards and $831,144 in option awards.
General Counsel Nicole S. Jones was compensated $2.4 million, not including $1 million in stock awards and $676,556 in option awards.
President of Regional Operations, Matthew G. Manders, was compensated $7.29 million, not including $1.13 million in stock awards and $761,870 option awards.