Bloomberg News

Prudential Awards CEO Strangfeld $15.5 Million in Pay

March 26, 2013

Prudential Financial Inc. (PRU:US), the second-biggest U.S. life insurer, paid Chief Executive Officer John Strangfeld about $15.5 million for his work in 2012, when the company’s stock gained 6.4 percent.

The direct pay including salary, bonus and other awards to Strangfeld, 59, declined about 4.1 percent from a year earlier, the Newark, New Jersey-based company said today in a proxy filing. Total compensation, which includes estimates of pension- benefits value, surged to $30.7 million from $23.7 million.

Prudential posted profit of $469 million in 2012, down from $3.57 billion a year earlier. Strangfeld has pursued deals to boost results, including this year’s acquisition of Hartford Financial Services Group Inc. (HIG:US)’s individual life business and agreements to assume pension obligations from General Motors Co. and Verizon Communications Inc.

The insurer gained 1.6 percent to close at $59.59 in New York. Shares have advanced 12 percent this year, compared with a 9.7 percent rise by the Standard & Poor’s 500 Index.

To contact the reporter on this story: Dan Reichl in San Francisco at dreichl@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net


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Companies Mentioned

  • PRU
    (Prudential Financial Inc)
    • $91.88 USD
    • -1.28
    • -1.39%
  • HIG
    (Hartford Financial Services Group Inc/The)
    • $37.33 USD
    • -0.47
    • -1.26%
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