Tom Watjen, president and CEO of Chattanooga-based Unum, received a $750,000 boost to his compensation in 2011 for a total of $12.2 million.
The raise, which came mainly in the form of restricted stock units and stock options, was because of Watjen’s increased performance in a tough economy, according to the company’s compensation committee.
The company noted that Watjen “delivered strong results in a difficult environment,” and “ensured that the company is well positioned to meet the future needs of the business.”
Watjen, who has stayed with the company for 18 years, receives a $1.1 million salary with the rest of his pay in the form of cash and stock incentives based on performance, according to Unum’s proxy statement.
About 88 percent of Watjen’s pay is considered “at risk,” or subject to a calculation that incorporates personal and corporate performance.
Watjen led Unum in 2011 to aftertax earnings of $887.6 million, an 11 percent return on equity and $10.2 billion in revenue, according to its yearly proxy statement.
Contact staff writer Ellis Smith at firstname.lastname@example.org or 423-757-6315.
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