MetLife Inc., the largest U.S. life insurer, said incoming Chief Financial Officer John Hele will be eligible for about $3.9 million a year under the company’s variable incentive plan.
The award, which will be based on individual performance and company results, includes a $2.2 million target for long-term, stock-based incentives, the New York-based life insurer said today in a regulatory filing.
Hele, who is stepping down as CFO of Arch Capital Group Ltd., also gets a $600,000 salary and a $450,000 “sign-on payment,” the company said. On Sept. 4, he replaces Eric Steigerwalt, who filled the CFO role on an interim basis and is an executive vice president. William Wheeler, who had been finance chief since 2003, was named president of the new Americas division last year as Chief Executive Officer Steven Kandarian reshaped his management team.
“There are many opportunities for strong leaders to contribute to the achievement of our vision and strategic objectives,” Kandarian said in a letter to Hele included in the filing.
Wheeler received almost $9 million in compensation in 2011 and $4.9 million the year before, MetLife said in a filing earlier this year. Hele received total compensation of $2.3 million from Arch in 2011, including a salary of $600,000, a $540,000 bonus and stock and options, the Bermuda-based insurer said in a filing.