Zurich Insurance paid Martin Senn, its former CEO, 6.1 million Swiss francs ($6.3 million) during 2015, down from 7.2 million Swiss francs ($7.9 million) in 2014, the company reported.
(The Swiss franc to U.S. dollar conversions were calculated by Zurich).
Senn resigned in December after losses in Zurich’s general insurance unit led the company to abandon a takeover bid for RSA Insurance Group in September 2015. In January 2016, Zurich appointed Generali CEO Mario Greco as Senn’s successor. Greco will step into the role on March 7, according to Zurich Insurance’s annual report.
On top of his base salary of 1.6 million Swiss francs, Senn also received “cash incentive awards,” “target share allocations” and other benefits during 2015, which brought his remuneration up to 6.1 million Swiss francs, the annual report revealed.
Difference between the total amounts of remuneration in 2015 and 2014 is due to a “lower cash incentive earned for 2015,” according to the remuneration section of the report.
The report said that Senn was the highest paid member of Zurich’s group executive committee; he will receive in 2016 “contractually agreed remuneration during his notice period which is compliant with legal and regulatory requirements….”
When he moves into the role next week, Greco will be expected to drive the company’s turnaround — continuing to improve the performance of Zurich’s general insurance business. The company already has begun a series of job cuts, an exit from businesses with limited potential for growth as well as an exit from unprofitable lines.
Source: Zurich Insurance
*This story appeared previously in our sister publication Insurance Journal.