CEO PAY WATCH TRAVELERS COS. INC.

Jay Fishman, chairman, CEO Total compensation: $22,029,068 for the year ended Dec. 31

Salary: $1,000,000

Non-equity incentive pay: $7,500,000

Other compensation: $724,124

Exercised stock options: $9,414,254

Value realized on vesting shares: $3,390,690

New stock options: 770,556

Total return to shareholders: 13.5 percent

Note: Jay Fishman was named CEO of what was then known as the St. Paul Cos. in 2001. Since then the company has been renamed and moved its headquarters to New York. Fishman took home 71 percent more last year than in 2008, mainly because he was able to exercise $9.4 million worth of stock options in 2009. Fishman's bonus increased to $7.5 million from $5 million in 2008. His $1 million salary has been the same since 2001.

Travelers exceeded its primary performance goal with an operating return on equity of 14 percent for 2009; it also recorded net income per share of $6.33, the second-highest in its history and a 32 percent increase over 2008. Also in 2009 Travelers was added to the 30-member Dow Jones industrial average, raising its profile on Wall Street.

For the 2008 fiscal year the compensation committee had awarded Fishman the minimum amount of long-term incentives because of the significant economic and financial disruption that year. But as Travelers bounced back in 2009 and exceeded its performance goals and outperformed its peer group, the committee awarded Fishman $11 million worth of restricted stock and options that will vest in future years.

PATRICK KENNEDY