When Conseco Inc.’s new chairman and chief executive, Gary C. Wendt, agreed last month to take the reins at the struggling company, it came at a price for the struggling insurer. The New York Times reported that Wendt was paid a $45-million signing bonus along with 3.2 million shares of stock now worth $31.2 million, as well as 10 million options. While Wendt will not receive a salary for the first two years he runs Conseco, the Times reported he will get a bonus of no less than $8 million, and as much as $50 million at the end of the two-year period, depending upon stock results. Wendt, 58, is the former CEO of GE Capital, a unit of General Electric. His contract with the company is for five years, the final three of which will see him making $1 million in salary with a bonus of up to $2.8 million, $1.5 million in stock and annual grants of 500,000 in options.
Was this article valuable?
Here are more articles you may enjoy.
Insurance Issue Leaves Some Players Off World Baseball Classic Rosters 
Insurance Broker Stocks Sink as AI App Sparks Disruption Fears 
Trump Demands $1 Billion From Harvard as Prolonged Standoff Appears to Deepen 
BMW Recalls Hundreds of Thousands of Cars Over Fire Risk From This Issue
