A proxy filed with the Securities and Exchange Commission shows that that the CEO of Chicago-based CNA received a 43 percent pay increase last year, according to Crain’s Chicago Business.
CEO Stephen Lilienthal received $986,538 in salary and a $1.9-million bonus in 2003, compared to $802,885 and a $1.2-million bonus in 2002. Last year was marked by a series of reserve charges totaling $1.8 billion that badly affected the insurer’s bottom line. However, a new debt plan yielded favorable reviews from the ratings agencies.
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