Associated Press
Posted on Fri, March 26, 2004
WASHINGTON - Allstate Corp. Chairman
and Chief Executive Edward M. Liddy's total compensation
nearly tripled last year to $12 million, up from about $4.15
million in 2002, according to a proxy filing Friday with the
Securities and Exchange Commission.
Liddy's bonus rose about 25 percent to $3.88 million. He
pocketed $2.26 million worth of restricted stock, while he
didn't receive any the previous year. His salary rose about
$45,000 to $1.08 million.
Liddy also collected about $4.81 million under insurance giant
Allstate's long-term incentive plan. Allstate, which is based
in Northbrook, Ill., said that up to $3.5 million of an award
may be promptly doled out through the incentive plan, with the
remainder deferred to be paid out under a separate plan.
Allstate said in the proxy that it boosted Liddy's
compensation last year because the company exceeded its
financial performance targets.
In addition, Allstate granted Liddy 272,000 stock options. The
company estimated the options were worth $2.16 million, a
figure that wasn't included in Liddy's total compensation
tally.
In 2002, Liddy received more than twice as many options. In a
regulatory filing last year, Allstate valued those options at
between $11.55 million and $29.26 million, depending on
increases in the company's stock price.
Liddy last year cashed in 6,522 options for a gain of $44,513.
That left him holding about $25.53 million worth of
exercisable, in-the-money options.
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