Business Services Industry
Attempting to Retain Key Executives, CIGNA Gives Officers $22 Million in Stock.
Knight Ridder/Tribune Business News, August, 2003
By Diane Levick, The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Aug. 8--CIGNA Corp., struggling with weak financial results, granted about $22 million of restricted stock to officers this week -- including 100,000 shares to its chief executive -- to keep them on board and motivate them.
The awards, which raised some eyebrows on Wall Street, came less than a week after CIGNA said it might sell its retirement and investment services business and reported a second-...uarter net loss.
The market value of shares granted Wednesday to H. Edward Hanway, chairman and chief executive, was more than $4.4 million based on Thursday's closing price of $44.28 a share.
CIGNA gave top executives and other officers a total of...
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