Taking one for the troops?...
On the face of it, the news that Hartford Insurance's embattled CEO, Liam McGee waived his 2011 bonus - resulting in 25% reduction in his overall compensation for the year - does not compare well to the pain felt by shareholders who had to endure a 39% drop in the value of their company last year.
However, with McGee still focused on restructuring further portions of Hartford's business and the company's biggest investor - John Paulson - still pressing to split out it's Life insurance and P&C units, it looks like the company might be starting to turn a corner with a 29% stock gain since the start of the 2012. If so, then McGee is to be commended for sticking to his guns, for not caving into pressure from Paulson and for leading from the front in terms of executive pay. Time will tell.
Of course, the cynics out there might say that a reduction in McGee's total compensation from $10.6m in 2010 to $7.94m last year is not really "taking one for the troops". Like many things in life, I guess it's all relative - especially if you're one of the 6,000+ employees Hartford has laid off since 2008.