Weill's 1997 compensation adds up to $270.1 million $220.2 million from stock options

Financial services

March 13, 1998|By BLOOMBERG NEWS

WASHINGTON -- Travelers Group Inc. Chairman and Chief Executive Officer Sanford I. Weill made $220.2 million last year exercising stock options, collecting one of the biggest annual payoffs ever for a U.S. executive.

Travelers, the insurance company that owns Salomon Smith Barney and other financial units, also paid Weill $49.9 million in salary, bonus, restricted stock and options, almost double his 1996 compensation of $26.8 million, according to Travelers' proxy statement filed with the Securities and Exchange Commission. The pay rose as Weill, 64, built Travelers into the second largest U.S. financial company.

The blueprints of the empire began to emerge in 1988 when Baltimore-based Commercial Credit Co., a company Weill ran, bought Primerica Financial Services. In 1993, Primerica bought Travelers. Weill then sold several Travelers units and in 1995 bought Aetna's property and casualty business.

Weill, who turns 65 years of age on Monday, "has no intentions to retire," said company spokeswoman Mary McDermott. "There is no compulsory retirement program."

Pub Date: 3/13/98

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